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Autor:innen: 
Erscheinungsjahr: 
2013
Schriftenreihe/Nr.: 
AGDI Working Paper No. WP/13/013
Verlag: 
African Governance and Development Institute (AGDI), Yaoundé
Zusammenfassung: 
We analyze the effects of monetary policy on economic activity in the proposed African monetary unions. Findings broadly show that: (1) but for financial efficiency in the EAMZ, monetary policy variables affect output neither in the short-run nor in the long-term and; (2) with the exception of financial size that impacts inflation in the EAMZ in the short-term, monetary policy variables generally have no effect on prices in the short-run. The WAMZ may not use policy instruments to offset adverse shocks to output by pursuing either an expansionary or a contractionary policy, while the EAMZ can do with the 'financial allocation efficiency' instrument. Policy implications are discussed.
Schlagwörter: 
Monetary Policy
Banking
Inflation
Output effects
Africa
JEL: 
E51
E52
E58
E59
O55
Dokumentart: 
Working Paper

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