Please use this identifier to cite or link to this item:
http://hdl.handle.net/1893/2705
Appears in Collections: | Economics Working Papers |
Peer Review Status: | Unrefereed |
Title: | Persistence of Inflationary shocks: Implications for West African Monetary Union Membership |
Author(s): | Alagidede, Paul Coleman, Simeon Cuestas, Juan Carlos |
Contact Email: | paul.alagidede@stir.ac.uk |
Citation: | Alagidede P, Coleman S & Cuestas JC (2010) Persistence of Inflationary shocks: Implications for West African Monetary Union Membership. Stirling Economics Discussion Paper, 2010-11. |
Keywords: | Inflationary shocks fractional integration stationarity West Africa Monetary unions Monetary unions Africa, West Africa, West Economic conditions |
JEL Code(s): | C14: Semiparametric and Nonparametric Methods: General E31: Price Level; Inflation; Deflation E58: Central Banks and Their Policies |
Issue Date: | 1-Oct-2010 |
Date Deposited: | 10-Feb-2011 |
Series/Report no.: | Stirling Economics Discussion Paper, 2010-11 |
Abstract: | Plans are far advanced to form a second monetary union, the West African Monetary Zone (WAMZ), in Africa. While much attention is being placed on convergence criteria and preparedness of the five aspiring member states, less attention is being placed on how the dynamics of inflation in individual countries are (dis)similar. This paper aims to stimulate debate on the long term sustainability of the union by examining the dynamics of inflation within these countries. Using Fractional Integration (FI) methods, we establish that some significant differences exist among the countries. Shocks to inflation in Sierra Leone are non mean reverting; results for The Gambia, Ghana and Guinea-Bissau suggest some inflation persistence, despite being mean reverting. Some policy implications are discussed and possible outstanding policy questions are raised. |
Type: | Working Paper |
URI: | http://hdl.handle.net/1893/2705 |
Affiliation: | Economics Nottingham Trent University University of Sheffield |
Files in This Item:
File | Description | Size | Format | |
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SEDP-2010-11-Alagidede-Coleman-Cuestas.pdf | Fulltext - Accepted Version | 451.5 kB | Adobe PDF | View/Open |
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