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Uncertainty and Monetary Policy in the CAEMC zone

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  • NGNIADO NOGNOU Edwige

Abstract

This paper proposes to identify from the specificities of the CEMAC zone different sources of uncertainties that may affect monetary policies actions. We first realize a review of literature on the implementation of monetary policy under uncertainty as it is presented in the general theory. Two rules of conduct are mentioned. The certainty equivalence principle for which uncertainty has no effect on the optimal policy and the Brainard (1967) Conservatism principle that recommends more cautious and whose empirical validity is not always verified and depends on the type of uncertainty.

Suggested Citation

  • NGNIADO NOGNOU Edwige, 2015. "Uncertainty and Monetary Policy in the CAEMC zone," Cahiers du GREThA (2007-2019) 2015-16, Groupe de Recherche en Economie Théorique et Appliquée (GREThA).
    • Handle: RePEc:grt:wpegrt:2015-16
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    File URL: http://cahiersdugretha.u-bordeaux.fr/2015/2015-16.pdf
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    Keywords

    Monetary Policy – Uncertainty – CEMAC;

    JEL classification:

    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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