Règle de conduite de politique monétaire applicable a la BEAC

• Autorzy: Antoine Ngakosso
• Języki publikacji: FR

Abstrakty

Cet article a pour objet d'estimer une règle à la Taylor dans les économies des pays de la BEAC pourvues d'un régime de change fixe. S'appuyant sur la parité croisée entre le franc CFA et le dollar américain, les résultats empiriques montrent qu'à l'exception de l'activité économique, toutes les autres variables ont une influence significative sur le taux d'intérêt. En plus de cela, il existe un mécanisme de correction d'erreurs permettant de corriger le déséquilibre entre le niveau désiré et le niveau effectif du taux d'intérêt nominal. (abstrakt oryginalny)

EN

The object of this paper is to put forward a reaction function concerning the behavior of the Bank of the Central African States (BEAC). The empirical results show that, with the exception of output gap, all other variables have a significant influence on the interest rate. In addition to this, there is an error-correction mechanism indicating convergence towards equilibrium level of interest rate.(original abstract)

Słowa kluczowe

EN

State banks; Monetary policy; Chartered Financial Analyst (CFA); Exchange rates; Dollar; United States dollar (USD)

PL

Banki państwowe; Polityka pieniężna; Licencjonowany analityk finansowy; Kurs walutowy; Dolar; Dolar amerykański (USD)

• Czasopismo: Revue Internationale des Economistes de Langue Française : revue de l'Association Internationale de Economistes de Langue Française avec la collaboration Université des Sciences Economiques et de Gestion
• Rocznik: 2018
• Tom: 3
• Numer: nr 2
• Strony: 267--290

Twórcy

autor

Antoine Ngakosso

• Université Marien Ngouabi, Brazzaville

Bibliografia

• Artus P., A. Pénot et J.P. Pollin (1999), "La politique monétaire optimale pour la banque centrale européenne", Revue d'Economie Politique.
• Avouyi- Dovi (2013), "Estimation d'une fonction de réaction pour la Banque Centrale des Etats de l'Afrique de l'Ouest", Notes d'information et statistiques de la BCEAO, mars 2013.
• Ball L(1999), "Policy rules for open economies", in monetary Policy Rules, sous la direction de J.B. Taylor, Chicago, L'university Press of Chicago, P.127-154.
• Ball L. (2000), "Policy rules and external stocks", NBER Working Paper n°W7910, septembre.
• Barro R-J., Gordon D.B. (1983), "Rules, Discretion and Reputation, in model of monetary policy", Journal of monetary Economics, 12.pp. 101-120.
• Baaziz Yosra (2016), "Les règles de Taylor à l'épreuve de la révolution : Cas de l'Egypte", MOFID, Université de Sousse.
• Bikai J.L., Batoumen M.H., Fossouo A. (2016), Les déterminants de l'inflation dans la CEMAC : le rôle de la monnaie, BEAC- Working paper n°05 /16.
• Christiano L., Hut C.L., Mottor. and Rostagno M. (2010), "Monetary Pnd Stock Market Booms", NBER Working Papers 16402.
• Clarida, R. Gali, J., and M. Gertler (2000), "Monetary policy rules and macroeconomic stability: evidence and some theory", Quarterly Journal of Economics, 115, PP 147-180.
• Clarida, R., Gali, J., Gertler, M., (1998), "Monetary policy rules in practice: some international evidence", European Economic Review 42 (6), 1033-1067.
• Corbo, V. (2002), "Monetary policy in Latin America in the 1990s", dans Loayza, N, Schmidt-Hebbel.
• Curdia V., Woodford M. (2010), "Credit spreads and monetary policy", Journal of Money, credit and Banking, 42 (S1), P. 3-35.
• Diop Samba, Tillmann Peter and Winker Peter (2017), "A Monetary Stress Indicator for the Economic Community of West African States", Journal of African Development 19:3-18.
• Dewald, W.G. and Johnson, H.G (1963), "An objective Analysis of the Objectives of American Monetary Policy 1952-1961", in D. Carsen (ed), Banking and Monetary Studies, Homewood: Irvine Publishing Company, 171-86.
• Filosa, R. (2001), "Monetary Policy Rules in some Mature Emerging Economies", Banque des règlements Internationaux, BIS Papers 8, 39-68.
• Friedman M. (1960), "A Program for Monetary Stability", New York: Frdhan University Press.
• Hamilton, James D. (1994), "Time series analysis", Princeton University Press, Princeton.
• Henderson D.W. et W.J. MC Kibbin (1993), "A comparison of some Basic Monetary Policy Regimes for Open Economy: Implications of Different Degrees of Instrument Adjustment and Wage persistence", Carnegie-Rochester Conference series on Public Policy, 39, P. 221-317.
• Issing O. (2001), "Lessons for monetary policy: What Should the Consensus be?", IMR.
• Kamgna S., Nguenang C., Talabong H. et Ould I. (2009), "Fonction de réaction de la banque centrale et crédibilité de la politique monétaire: Cas de la BEAC", MPRA papers n ̊16557.
• Kossi Tenou (2002), La règle de Taylor, un exemple de règle de politique monétaire appliquée au cas de la BCEAO, p 21, BCEAO, Etudes et recherches, NIS, n°523 Mars.
• Kozicki, S. (1990), "How useful are Taylor Rules for Monetary Policy", Federal Reserve Bank of Kansas City, Economic Review, second Quarter.
• Kydland F. , Prescott E. (1977), "Rules Rather Than Discretion: the Inconsistency of Optimal plans", Journal of political Economy, vol.85, pp. 473-491.
• Levin A, Wicland V, et Williams J.C (1999), "Robustness of simple monetary policy rules under model uncertainty", in Monetary policy rules sous la direction de J.B. Taylor, Chicago University Press of Chicago, P. 263-299.
• McCallum, B.T. (1997b), "The alleged instability of nominal income targeling", NBER, n° 6291.
• MeCallum, BT. (1997a), "Issues in the design of monetary policy rules", NBER, Working Paper, N° 6016.
• Mohanty, M.S. et Klan H (2004), "Monetary policy rules Emerging Market Economies", Banque des Règlements Internationaux, BIS working Paper 149, mars.
• Moreira, R.R. (2015), "Reviewing Taylor rules for Brazil: Was there a turning-point? ", Journal of Economics and Political Economy, 2(2), 226-289.
• Mundell R. (1963), "Capital mobility and stabilization policy under fixed and fixed and flexible exchange rates", Canadian Journal of Economics and Political Science 29, 475-485.
• Orphanides, A (1998), "Monetary Policy Evaluation with Noisy Information", finance and Economics Discussion Series, 1995-50, Federal Reserve Band.
• Pavasuthipaisit R. (2010), Sould inflation targeting central banks respond to exchange rate movements? Journal of International Money and finance, 29 (2010), pp; 460-485.
• Rudebusch, G.D. (1995), "Federal Reserve Interest Rate Targeting, Rational Expectations and the Tern Structure", Journal of Monetary Economics, 35, 245-274.
• Ruderbusch, GD et Svensson L. E (1998), "Policy Rules for inflation Targeting", Center for Economic policy Research, Discussion Paper, N° 1999.
• Sachs, G (1996), "The International Economic analyst e", volume 11, issue 6, juin.
• Sack, B., Wieland, V., (2000), "Interest - rate smoothing and optimal monetary policy: A review of recent empirical evidence", journal of Economies and Business 52 (1-2), 205 228.
• Simons, H. (1936), "Rules Vs. Authorities in monetary, journal of political Economy, 44(1); 1-30.
• Siri A. (2007), "Elargissement monétaire en Afrique de l'ouest : la règle monétaire optimale pour la future banque centrale de la CEDEAO", Thèse de doctorat, Université Ouagadougou.
• Svenson L. E (1999), "Inflation targeting as monetary policy rule", Journal of Monetary Economics. N° 43, PP. 607-654.
• Svensson L. E ( 2002), "What is wrong with Taylor Rules ? Using judgment in monetary policy though targetting rules".
• Taylor J.B (1993), "Discretion versus policy rules in practice", Carnegie-Rochester Conference series on Public Policy, 39, PP. 195-294.
• Tinbergen, J. (1952), "On the Theory of Economic Policy", Amsterdam: North Holland.
• Woodford, M (2004), "Inflation targeting and optimal monetary policy", Federal Reserve Bank of St Louis Review, 86(4): 15-41.