Cahier 2015-16

Title:Uncertainty and Monetary Policy in the CAEMC zone
Abstract:This paper proposes to identify from the specificities of the CEMAC zone different sources of uncertainties that may affect monetary policies actions. We first realize a review of literature on the implementation of monetary policy under uncertainty as it is presented in the general theory. Two rules of conduct are mentioned. The certainty equivalence principle for which uncertainty has no effect on the optimal policy and the Brainard (1967) Conservatism principle that recommends more cautious and whose empirical validity is not always verified and depends on the type of uncertainty.
Keyword(s):Monetary Policy – Uncertainty – CEMAC
Auteur(s) :NGNIADO NOGNOU Edwige
JEL Class.:C32, E31, E52

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