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Title: Monetary policy in the CFA Franc Zone: Estimating Reaction Functions for the BCEAO
Authors: Shortland, A
Stasavage, D
Issue Date: 2004
Publisher: Oxford University Press and © Centre for the Study of African Economies 2004; all rights reserved
Citation: This is a pre-copy-editing, author-produced PDF of an article accepted for publication in Journal of African Economies following peer review. The definitive publisher-authenticated version Journal of African Economies, Vol. 13 No. 4 is available online at:
Abstract: 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.
Appears in Collections:Economics and Finance
Dept of Economics and Finance Research Papers

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