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

  • Anja Shortland
  • David Stasavage

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/
File Function: Open access version.
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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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Web page: http://www.lse.ac.uk/

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  1. Clarida, Richard & Gali, Jordi & Gertler, Mark, 1997. "Monetary Policy Rules in Practice: Some International Evidence," Working Papers 97-32, C.V. Starr Center for Applied Economics, New York University.
  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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