Applying Taylor Rule in a Heterogeneous Currency Union: Case of UMAC
نویسندگان
چکیده
Our objective is to show that the Taylor rule monetary policy practice of BEAC its effectiveness limited due structural and cultural heterogeneity currency union. In this light, we identify reaction function it includes additional variables namly, interest rate inflation differential with Euro zone, as well reserve ratio must cover at least 20% issue. Given objectives instruments used built, estimate a forward-looking using GMM, similar one proposed by Clarida et al. (2000) find setting could be captured rule. From our estimations actually BEAC’s or more precisely can effectively modified taking into consideration specificities union external constraint despite heterogeneous nature As seen from results obtained realize Central Bank mainly focuses on fight against strives maintaining internal stability in sub region. This deemed successful given low are observed period study, even though mitigated influence region anchor (the zone)
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ژورنال
عنوان ژورنال: International journal of multidisciplinary research and analysis
سال: 2023
ISSN: ['2643-9840', '2643-9875']
DOI: https://doi.org/10.47191/ijmra/v6-i3-08