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What determines monetary policy in the Franc zone? : estimating a reaction function for the BCEAO

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  • Anja Shortland
  • David Stasavage

Abstract

This 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.

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File URL: http://eprints.lse.ac.uk/229/
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Bibliographic Info

Paper provided by London School of Economics and Political Science, LSE Library in its series LSE Research Online Documents on Economics with number 229.

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Date of creation: Dec 2004
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Publication status: Published in Journal of African Economies, December, 2004, 13(4), pp. 518-535. ISSN: 1464-3723
Handle: RePEc:ehl:lserod:229

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  1. Clarida, Richard & Gali, Jordi & Gertler, Mark, 1998. "Monetary policy rules in practice Some international evidence," European Economic Review, Elsevier, vol. 42(6), pages 1033-1067, June.
  2. Stasavage, David, 1997. "The CFA Franc Zone and Fiscal Discipline," Journal of African Economies, Centre for the Study of African Economies (CSAE), vol. 6(1), pages 132-67, March.
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Cited by:
  1. Romain Veyrune, 2007. "Fixed Exchange Rates and the Autonomy of Monetary Policy," IMF Working Papers 07/34, International Monetary Fund.
  2. Wasim Shahid Malik, 2007. "Monetary Policy Objectives in Pakistan: An Empirical Investigation," PIDE-Working Papers 2007:35, Pakistan Institute of Development Economics.

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