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How Does Monetary Policy Affect the Poor? Evidence from the West African Economic and Monetary Union

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  • Fielding, David

Abstract

The West African Economic and Monetary Union (UEMOA) has a history of monetary stability and low inflation. Nevertheless, there is substantial variation in relative prices within some UEMOA countries, in particular in the price of food relative to other elements of the retail price index (IHPC). Using monthly time-series data for cities within the region, we analyse the impact of changes in monetary policy instruments on the relative prices of components of the IHPC. We are then able to explore how the burden of monetary policy innovations is likely to be shared between the rich and poor. Copyright 2004, Oxford University Press.
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  • Fielding, David, 2004. "How Does Monetary Policy Affect the Poor? Evidence from the West African Economic and Monetary Union," WIDER Working Paper Series 002, World Institute for Development Economic Research (UNU-WIDER).
  • Handle: RePEc:unu:wpaper:rp2004-02
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    Cited by:

    1. Paul Alagidede & Simeon Coleman & Juan Carlos Cuestas, 2010. "Persistence of Inflationary Shocks: Implications for West African Monetary Union Membership," Working Papers 2010/8, Nottingham Trent University, Nottingham Business School, Economics Division.
    2. Alagidede, Paul & Coleman, Simeon & Cuestas, Juan Carlos, 2012. "Inflationary shocks and common economic trends: Implications for West African monetary union membership," Journal of Policy Modeling, Elsevier, vol. 34(3), pages 460-475.
    3. Fielding, David & Lee, Kevin & Shields, Kalvinder, 2004. "Modelling Macroeconomic Linkages in a Monetary Union: A West African Example," WIDER Working Paper Series 022, World Institute for Development Economic Research (UNU-WIDER).
    4. Coleman, Simeon, 2010. "Inflation persistence in the Franc zone: Evidence from disaggregated prices," Journal of Macroeconomics, Elsevier, vol. 32(1), pages 426-442, March.
    5. Coleman, Simeon, 2012. "Where Does the Axe Fall? Inflation Dynamics and Poverty Rates: Regional and Sectoral Evidence for Ghana," World Development, Elsevier, vol. 40(12), pages 2454-2467.
    6. S Coleman & M Karoglou, 2010. "Monetary Variability and Monetary Variables in the Franc Zone," Economic Issues Journal Articles, Economic Issues, vol. 15(2), pages 17-48, September.

    More about this item

    Keywords

    monetary policy; poverty; Africa;

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • I39 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - Other
    • O23 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Fiscal and Monetary Policy in Development

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