Testing Nonlinear Inflation Convergence for the Central African Economic and Monetary Community

Emmanuel Anoruo · Vasudeva N. R. Murthy

15 citations0/0 files storedInternational Journal of Economics and Financial Issues

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Abstract

This paper uses nonlinear unit root testing procedures to examine the issue of inflation convergence for the Central African Economic and Monetary Community (CEMAC) member states including Cameron, Central African Republic, Chad, Equatorial Guinea, Gabon and the Republic of Congo. The results from nonlinear STAR unit root tests suggest that inflation differentials for the sample countries are nonlinear and mean reverting processes. These results provide evidence of inflation convergence among countries within CEMAC. The finding of inflation convergence indicates the feasibility of a common monetary policy and/or inflation targeting regime within CEMAC. Keywords: inflation convergence; STAR; nonlinear unit root tests; inflation differential; CEMAC JEL Classifications: C22; E31; F15; F36

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References

1988Testing for a Unit Root in Time Series Regression 1992Efficient Tests for an Autoregressive Unit Root 2001LAG Length Selection and the Construction of Unit Root Tests with Good Size and Power 1987Time Series Regression with a Unit Root 2002Testing for a unit root in the nonlinear STAR framework 1995Convergence in international output 1994Interpreting Tests of the Convergence Hypothesis 1986On the Theory of Testing for Unit Roots in Observed Time Series

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