The Characteristics of Macroeconomic Shocks in the CFA Franc Zone

David Fielding

25 citations0/0 files storedJournal of African Economies

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Monetary Policy and Economic Impact Global Financial Crisis and Policies European Monetary and Fiscal Policies

Abstract

In this paper we fit a vector error correction model (VECM) in output and prices to data from 10 countries of the CFA Franc Zone. This model allows for various cross-country interactions in both the short run and the long run. The VECM parameters are used to estimate persistence profiles of different kinds, in order to identify the degree of homogeneity in the way in which the countries respond to macroeconomic shocks. In this way we can shed light on questions about the likely size of the costs incurred from these countries' membership of a monetary union.

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References

1997Africa's Growth Tragedy: Policies and Ethnic Divisions 1988The Dynamic Effects of Aggregate Demand and Supply Disturbances 1998Regional non-adjustment and fiscal policy 1993Persistence, cointegration, and aggregation 1997The CFA Franc Zone and Fiscal Discipline 1992Persistence of Shocks and their Sources in a Multisectoral Model of UK Output Growth 1998Shocking Stories

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