The BCEAO’s monetary policy faced with the pursuit of two objectives: Inflation targeting and foreign exchange reserves targeting (notice n° 470645)
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| 000 -LEADER | |
|---|---|
| fixed length control field | 01680cam a2200229 4500500 |
| 005 - DATE AND TIME OF LATEST TRANSACTION | |
| control field | 20250121054612.0 |
| 041 ## - LANGUAGE CODE | |
| Language code of text/sound track or separate title | fre |
| 042 ## - AUTHENTICATION CODE | |
| Authentication code | dc |
| 100 10 - MAIN ENTRY--PERSONAL NAME | |
| Personal name | Fall, Alsim |
| Relator term | author |
| 245 00 - TITLE STATEMENT | |
| Title | The BCEAO’s monetary policy faced with the pursuit of two objectives: Inflation targeting and foreign exchange reserves targeting |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. | |
| Date of publication, distribution, etc. | 2020.<br/> |
| 500 ## - GENERAL NOTE | |
| General note | 41 |
| 520 ## - SUMMARY, ETC. | |
| Summary, etc. | Inflation targeting is generally implemented in countries where the exchange rate is freely determined on the currency market. However, the BCEAO applies an inflation targeting policy associated with a hard peg of the nominal exchange rate to the euro. This study questions the relevance of such a strategy using a New Keynesian Quarterly Projection Model (QPM) which integrates a reaction function of the Central Bank based on inflation targeting and foreign exchange reserves targeting. The simulations show that the measures taken by the BCEAO over the last five years are not consistent with the inflation targeting objective due to the rigidity of the nominal exchange rate. Therefore, the monetary policy framework could be strengthened by defining two types of instrument for achieving the respective internal and external targets. JEL Codes: D58, E52, E58. |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | BCEAO |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | inflation targeting |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | foreign exchange reserves targeting |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | monetary policy |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | new Keynesian model |
| 700 10 - ADDED ENTRY--PERSONAL NAME | |
| Personal name | Sy, Demba |
| Relator term | author |
| 786 0# - DATA SOURCE ENTRY | |
| Note | Revue d’économie du développement | 27 | 4 | 2020-12-29 | p. 129-175 | 1245-4060 |
| 856 41 - ELECTRONIC LOCATION AND ACCESS | |
| Uniform Resource Identifier | <a href="https://shs.cairn.info/journal-revue-d-economie-du-developpement-2019-4-page-129?lang=en&redirect-ssocas=7080">https://shs.cairn.info/journal-revue-d-economie-du-developpement-2019-4-page-129?lang=en&redirect-ssocas=7080</a> |
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