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Monetary Regime and the Behavior of Monetary Aggregates
Some Theoretical Considerations
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adjustment coefficients Ae FMMR DEPO Ap Ae FMMR Appendix autoregressive conditional heteroskedasticity BEAC broad money balances broad money demand CAEMC Cameroon and France CFA franc zone changes in real consumer price index Cote d'lvoire demand for money denote rejection DEPO and FMMR deposit rate devaluation dummy developing countries differential between Cameroon domestic Doornik DUMBW Economics empirical equation error-correction model estimated constant expected rate foreign opportunity costs franc per U.S. French franc French money market function in Cameroon inflation in Cameroon interest rate differential Interest Rate Parity International Monetary Fund July-June Juselius monetary policy money demand function money market rate natural logarithms PcGive percent critical values rate of inflation rates of return real broad money real GDP growth real income real money balances respectively sample period semi-elasticity short-run sources of variables Specification stationary statistics for testing Table three cointegrating vectors U.S. dollar unit root unitary income elasticity WAEMU weakly exogenous