L’impact de la politique monétaire unique sur l’économie de la zone CEMAC: une approche par la modélisation VAR structurelle et bayésienne

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.