This article analyzes the process by which the monetary policy influences economies of the six countries of the Economic and Monetary Community of Central Africa (CEMAC) during the period 1980-2008. After having identified the channels of interest rate, credit and currency, we show that the...

This article analyzes the process by which the monetary policy influences economies of the six countries of the Economic and Monetary Community of Central Africa (CEMAC) during the period 1980-2008. After having identified the channels of interest rate, credit and currency, we show that the...

The aim of this work was to estimate a DSGE-SOE model for the DR Congo by referring to the Bayesian techniques for the quarterly data from 2002q1 to 2016q4 in order to analyze the relations between the main macroeconomic variables and to simulate the " impact of some major shocks on their...

The objective of this paper is to determine the relative importance of aggregate demand and aggregate supply shocks to fluctuations of real growth in CEMAC. The factual analysis of growth in the subregion over the last 20 years shows a dependence on oil prices whose e!ects on growth are...

The latest current of classic school has put emphasis on central bank credibility and therefore monetary policy credibility as factor of efficiency of the monetary policy in terms of realisation of final objective. That is how in CEMAC zone, we have seen monetary reforms which going implicitly...

This paper investigates the implications of cross-country heterogeneity within the euro area for the design of optimal monetary policy. We build an optimizing-based multi-country model (MCM) describing the euro area in which differences between structural parameters across countries are allowed....

We propose methods for testing hypothesis of non-causality at various horizons, as defined in Dufour and Renault (1998, Econometrica). We study in detail the case of VAR models and we propose linear methods based on running vector autoregressions at different horizons. While the hypotheses...

We attempt to draw together monetary and fiscal policy making theory and the cointegrated VAR econometric methodology. Kirsanova at al(2005) have provided theory on the design of optimal monetary and fiscal policies, but estimation of monetary policy arrangements has suffered from many salient...

Recently, monetary authorities have increasingly focused on implementing policies to ensure price stability and strengthen central bank independence. Simultaneously in the fiscal area, market development has allowed public debt managers to focus more on cost minimization. This |"divorce'' of...

Recently, monetary authorities have increasingly focused on implementing policies to ensure price stability and strengthen central bank independence. Simultaneously in the fiscal area, market development has allowed public debt managers to focus more on cost minimization. This "divorce'' of...