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Policy Rule-based Stress Tests of Monetary Integration and Single Monetary Policy in the West African Monetary Zone

Mogaji, Peter Kehinde (2015) Policy Rule-based Stress Tests of Monetary Integration and Single Monetary Policy in the West African Monetary Zone. In: 2016 Conference of the Centre for Studies of African Economies, University of Oxford, Oxford., 20-22 March 2016, University of Oxford, Oxford, United kingdom.

Item Type: Conference or Workshop Item (Paper)

Abstract

This paper carried out monetary policy rule based stress test to examine the ease of monetary integration of the West Africa Monetary Zone as well as the adequacy of single monetary policy for national stability of the six WAMZ member countries. Two monetary policy rules (the McCallum monetary base growth rule and the Taylor nominal interest rate rule) were employed in this study with appropriate data spanning over the 25-year period between 1990 and 2014. Findings produce evidence to suggest that Nigeria is strongly likely to be the crucial major determinant of the single monetary policy stance within the future currency union. However, these two monetary policy rules principally generated varied results. One common finding from this monetary policy rules stress tests suggests that Nigeria is solely guaranteed to find the monetary integration easy as well the single monetary policy adequate for its national stability.

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More Information

Uncontrolled Keywords: Monetary Policy Rule-based Stress Test, McCallum monetary base growth rule, Taylor nominal interest rate rule, monetary integration, WAMZ
Related URLs:
Depositing User: Peter Mogaji

Identifiers

Item ID: 14522
URI: http://sure.sunderland.ac.uk/id/eprint/14522
Official URL: https://editorialexpress.com/cgi-bin/conference/do...

Users with ORCIDS

ORCID for Peter Kehinde Mogaji: ORCID iD orcid.org/0000-0002-5790-8293

Catalogue record

Date Deposited: 14 Feb 2022 12:35
Last Modified: 14 Feb 2022 12:45

Contributors

Author: Peter Kehinde Mogaji ORCID iD

University Divisions

University of Sunderland in London

Subjects

Business and Management > Accounting and Finance

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