Globalization and Monetary Policy Rule in WAMZ
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Date
2015-09
Authors
Eregha, P. B.
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Abstract
This study examines the effect of global influence on domestic monetary policy reaction functions
of the five West African Monetary Zone Countries for the period 1980-2013. The Generalized
Method of Moment Approach was used for the estimation of a forward-looking Policy Reaction
function. The study provides strong evidence that global inflation and global output gap influence
monetary policy reaction function of Central Bankers in almost all the countries of WAMZ.
Therefore, it is recommended that global variables should not be ignored and should be given
appropriate weight while forecasting domestic inflation and making monetary policy rules.
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Keywords
Global Inflation , Global Output Gap , Monetary Policy Reaction Function
Citation
Eregha, P. B. (2015), Globalization and Monetary Policy Rule in WAMZ. Being a Paper presented at the 2nd Annual International Conference on Law, Economics and Politics (AICLEP 2015), University of Oxford, Green Temfleton College, 43 Woodstock Road, Oxford OX2 6HG United Kingdom. From 14th -16th September, 2015.