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Additionally adjustment to shocks adopt the eco adopting a common African Monetary Zone asymmetric shocks autoregressive Bayoumi and Eichengreen budget deficits business cycle capita income capita real income central banks Choleski decomposition common currency convergence criteria currency and exchange currency union demand and monetary denotes ECOWAS Eichengreen 1992 endogenous growth theory ESCB European exchange rate system external shocks factors of production fixed exchange rate Gambia 1.000 Ghana growth in real impulse response functions inflation rates lag length Level Form logarithmic form macroeconomic meet the OCA member countries monetarist monetarist approach monetary autonomy monetary shocks monetary union Nigeria and Sierra OCA criteria optimum currency area percent price levels rates and prices real per capita region relative sizes Shocks Gambia Sierra Leone single currency sizes of shocks speed of adjustment supply shocks symmetry of shocks underlying shocks underlying structural shocks unit root test WAMZ economies WAMZ members WASEMU West African Monetary