Monetary policy in the franc zone : estimating interest rate rules for the BCEAO

Anja Shortl and 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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Year of publication:	February 2004
Authors:	Shortl, Anja ; Stasavage, David
Publisher:	Helsinki, Finland : UNU World Institute for Development Economics Research (UNU-WIDER)
Subject:	monetary policy \| monetary policy rules \| CFA zone \| credit control \| Geldpolitik \| Monetary policy \| CFA-Franc-Zone \| CFA franc zone \| Regelbindung versus Diskretion \| Rules versus discretion \| Zins \| Interest rate \| Zinspolitik \| Interest rate policy \| Währungsunion \| Monetary union \| Frankofones Afrika \| Francophone Africa

Extent:	1 Online-Ressource (circa 17 Seiten) Illustrationen
Series:	Research papers / United Nations University, World Institute for Development Economics Research. - Helsinki : [Verlag nicht ermittelbar], ISSN 1810-2611, ZDB-ID 2149780-1. - Vol. no. 2004/20
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Graue Literatur ; Non-commercial literature ; Arbeitspapier ; Working Paper
Language:	English
ISBN:	92-9190-599-2
Other identifiers:	hdl:10419/84650 [Handle]
Classification:	E31 - Price Level; Inflation; Deflation ; E52 - Monetary Policy (Targets, Instruments, and Effects) ; E58 - Central Banks and Their Policies
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10011514197