Monetary variability and monetary variables in the Franc zone

Abstract

Failure to detect or account for structural changes in economic modelling can lead to misleading policy inferences, which can be perilous, especially for the more fragile economies of developing countries. Using three potential monetary policy instruments (Money Base, M0, and Reserve Money) for 13 member-states of the CFA Franc zone over the period 1989:11-2002:09, we investigate the magnitude of information extracted by employing data-driven techniques when analyzing breaks in time-series, rather than the simplifying practice of imposing policy implementation dates as break dates. The paper also tests Granger's (1980) aggregation theory and highlights some policy implications of the results.

Divisions: College of Business and Social Sciences > Aston Business School > Economics, Finance & Entrepreneurship
College of Business and Social Sciences > Aston Business School
Publication ISSN: 1363-7029
Last Modified: 13 Dec 2024 08:05
Date Deposited: 11 Feb 2013 10:12
Full Text Link: http://www.econ ... k/Vol15.html#a7
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PURE Output Type: Article
Published Date: 2010-09
Authors: Coleman, Simeon
Karoglou, Michail (ORCID Profile 0000-0002-6730-504X)

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