What Determines Monetary Policy in the Franc Zone? Estimating a Reaction Function for the BCEAO
AbstractThis paper examines to what extent the central bank for the West African Economic and Monetary Union (BCEAO) has used interest rate policy in response to domestic economic developments. We show that while in the long run the BCEAO matches changes in French (Eurozone) interest rates one for one, in the short run it retains freedom to react to domestic economic variables, such as inflation, the output gap, its foreign exchange position and government borrowing. Copyright 2004, Oxford University Press.
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Bibliographic InfoArticle provided by Centre for the Study of African Economies (CSAE) in its journal Journal of African Economies.
Volume (Year): 13 (2004)
Issue (Month): 4 (December)
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- Romain Veyrune, 2007. "Fixed Exchange Rates and the Autonomy of Monetary Policy: The Franc Zone Case," IMF Working Papers 07/34, International Monetary Fund.
- Wasim Shahid Malik, 2007.
"Monetary Policy Objectives in Pakistan: An Empirical Investigation,"
2007:35, Pakistan Institute of Development Economics.
- Wasim Shahid Malik, 2007. "Monetary Policy Objectives in Pakistan : An Empirical Investigation," Macroeconomics Working Papers 22212, East Asian Bureau of Economic Research.
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