Kuikeu, Oscar (2014): L’impact de la politique monétaire unique sur l’économie de la zone CEMAC: une approche par la modélisation VAR structurelle et bayésienne.
Preview |
PDF
MPRA_paper_59246.pdf Download (344kB) | Preview |
Abstract
Are the cfa franc zone member’s much closed by their currency or by their economic structure? This is the main question of this paper. In other words, the difficulty to have a common monetary policy and idiosyncratic national fiscal policies, for a monetary area, can be feasible in cfa franc zone? In fact, just after the cfa franc devaluation of January 1994, the cfa franc zone member’s committed themselves to preserve the monetary stability into the area. Globally speaking, the results are significant testimony on the robustness of VAR methodology as an engine for the analysis of monetary policy effects, in fact, these results help to draw some lessons about the monetary transmission mechanism into the zone but also there are one of an unique proofs with sub-Saharan African’s data of the neo-keynesian school’s consistency.
Item Type: | MPRA Paper |
---|---|
Original Title: | L’impact de la politique monétaire unique sur l’économie de la zone CEMAC: une approche par la modélisation VAR structurelle et bayésienne |
English Title: | Monetary policy effects in cemac: an assessme,t with the structural and bayesian VAR methodology |
Language: | French |
Keywords: | CEMAC, monetary policy, VAR models |
Subjects: | C - Mathematical and Quantitative Methods > C3 - Multiple or Simultaneous Equation Models ; Multiple Variables > C32 - Time-Series Models ; Dynamic Quantile Regressions ; Dynamic Treatment Effect Models ; Diffusion Processes ; State Space Models E - Macroeconomics and Monetary Economics > E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit > E52 - Monetary Policy |
Item ID: | 59246 |
Depositing User: | Oscar KUIKEU |
Date Deposited: | 13 Oct 2014 02:44 |
Last Modified: | 03 Oct 2019 14:20 |
References: | BERNANKE B.S. [1986]: “Alternative explanations of the money-income correlation”, Carnegie-Rochester Conference Series on Public Policy, vol. 25(1), pp. 49-99. BERNANKE B.S. et BLINDER A.S. [1992]: “The federal funds rate and the channels of monetary transmission”, American Economic Review, vol. 82(4), pp. 901-921. BHARGAVA A. [1986]: “On the theory of testing for unit roots in observed times series”, Review of Economic Studies, vol. 53(3), pp. 369-384. BLANCHARD O. et D. QUAH [1989]: “The dynamics effects of aggregate demand and supply disturbances”, American Economic Review, vol. 79, pp. 655-673. CHRISTIANO L., EICHENBAUM M. et EVANS C. [1994]: “The effects of monetary policy shocks: some evidence from the flow of funds”, NBER Working Paper, n°4699. CHRISTIANO L., EICHENBAUM M. et EVANS C. [1999]: “Monetary policy shocks: what have we learned and to what end”, NBER Working Paper, n°6400. DALE S. et HALDANE A. [1993]: “Interest rates and the channel of monetary transmission: some sectoral estimates”, European Economic Review, vol. 39(9), pp. 1611-1626. DEVARAJAN S. et WALTON M. [1994]: “Preserving the CFA Zone : macroeconomic coordination after the devaluation”, World Bank Policy Research Working Paper, 1(1316). DOAN T. [2004]: “New Developments in VAR Modeling”, RATS User’s Group Meeting, Trinity College, Dublin: Ireland. EICHENGREEN B. [1998]: “The only game in town”, The world today, November-Decembre, 317-20. FUHRER J.C. et MOORE G.R. [1995]: “Inflation persistence”, Quarterly Journal of Economics, vol. 110(1), pp. 127-160. GALI J. et GERTLER M. [1999]: “Inflation dynamics: a structural econometric analysis”, Journal of Monetary Economics, vol. 44(2), pp. 195-222. KWIATKOWSKI D., PHILLIPS P.C.B., SCHMIDT P. et SHIN Y. [1992]: “Testing the null of stationarity against the alternative of a unit root”, Journal of Econometrics, vol. 54(1-3), pp. 159-178. KRUGMAN P. [1989]: “Differences in Income Elasticities and trends in Real Exchange Rates”, European Economic Review, vol. 33(5), pp. 1031-1054. MANKIW G. et REIS R. [2002]: “Sticky information versus sticky prices: a proposal to replace the new keynesian phillips curve”, Quarterly Journal of Economics, vol. 117(4), pp. 1295-1328. MONGA C. et TCHATCHOUANG J–C. [1996]: Sortir du piège monétaire, Economica, Paris. MUNDELL R. [1961]: “A theory of optimum currency area”, American Economic Review, vol.51, pp. 657-665. ROMER C.D. et ROMER D.H. [1989]: “Does Monetary Policy Matter? A New Test in the Spirit of Friedman and Schwartz”, NBER Working Paper, n°2966. SIMS C. [1986]: “Are forecasting models usable for policy analysis?”, Minneapolis Federal Reserve Bank Quarterly Review, vol. 10, pp. 2-16. SIMS C. [1988]: “Bayesian scepticism on unit root econometrics”, Journal of Economics Dynamic and Control, vol. 10(2/3), pp. 2-16. SIMS C. [1992]: “Interpreting the macroeconomic time series facts: the effects of monetary policy”, European Economic Review, vol. 36(5), pp. 975-1011. TAYLOR J.B. [1993]: “Discretion versus policy rules in practice”, Carnegie-Rochester Conference Series on Public Policy, vol. 39(1), pp. 195-214. TSATSANORIS K. [1995]: “Is there a credit channel in the transmission of monetary policy? Evidence from four countries”, in Financial Structure and the Monetary Transmission Mechanism, 394, Basle: Bank for International Settlements, pp. 154-187. |
URI: | https://mpra.ub.uni-muenchen.de/id/eprint/59246 |