Developments in the countries of the CFA franc zone in the aftermath of the January 1994 devaluation of the CFA franc are reviewed in this paper. Following a summary of the new adjusment strategy, the papers describes the progress made and the difficulties encountered during 1994 and early 1995...

This paper presents a quantitative macroeconomic model that accounts for key features of the labor market in developing countries. Primarily inspired by Cocirc;te d`Ivoire, the model contrasts a formal urban sector, where wages are rigidly fixed and employment is submitted to firms profit-seeking...

Although widely regarded as a textbook case of a rigid economy, in the late 1990s France was able to increase employment by 10 per cent within five years and to cut down unemployment by more than a fourth. This paper investigates what factors may account for this surprising performance. The...

Extensive prior research on the economics of European monetary union highlighted some potential risks (the known unknowns) but overlooked others (the unknown unknowns). Asymmetries among participating countries, the potentially destabilising character of a one-size-fits all monetary policy, the...