We analyse the costs of a monetary union in West Africa by means of asymmetric aggregate demand and aggregate supply shocks. Previous studies have estimated the shocks with the VAR model.We discuss the limits of this approach and apply a new technique based on the dynamic factor model.The...

During the nineties, Rwandan households had to cope with severe shocks of war and genocide. In addition, two major structural problems in Rwanda, land scarcity and declining soil fertility, remain unsolved. How do Rwandan households manage? This is an important question from a development...