Règle de conduite de politique monétaire applicable a la BEAC
Keywords:
real balanced exchange rate, equivalence between FCFA and US dollar, exchange rate optimal gapAbstract
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.
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