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Rigidités nominales, noyau d'inflation et croissance dans la Communauté Economique et Monétaire de l'Afrique Centrale

Abstract : This thesis analyses BEAC's monetary policy internal final objective relative to inflation. The adopted approach is in accordance with the now established New Synthesis consensus which recognizes monetary impulses potential impact on real variables in the short-term. More precisely, the carried out empirical investigations within the thesis framework aim to study, in one hand, a relevant inflation norm for price stability in the medium-term and, in the other and, a desirable inflation rate for short-term economic growth in the CEMAC area. We do this in three steps. First, after having laid the conceptual and theoretical nominal and real rigidities generating processes, we aim to provide a solid empirical background for BEAC's monetary policy, in order to test the irrefutability of their presence hypothesis in its area of influence (chapter 1). Second, we place ourselves in the context induced by the outcome of non-refutation of the aforementioned hypothesis, one consequence of which is the existence of a core inflation component in inflation rate dynamics. The goal pursued is then to determine and quantify a level of core inflation rate, which can serve as benchmark for medium-term price stability of BEAC's monetary internal final objective (chapter 2). Third, still in the concern of nominal and real rigidities presence in CEMAC which another implication is related to monetary policy impulse to have real effects in the short-term, we look for a desirable inflation rate which is coherent in short-term with achievement of the high economic growth-rate in CEMAC's member states. In order to avoid any ambiguity about the co-existence of two inflation rates as monetary policy reference for BEAC, we precise that this desirable inflation, as a normative measure, converges towards core inflation rate, which is a positive measure, in the long-term, since at equilibrium in the long-term, inflation is exclusively a monetary phenomenon, therefore dependent on core inflation (chapter 3). At the end, we hope that analyses conducted in this thesis, would contribute modestly to the ongoing reflexion in UMAC, in order to reform monetary cooperation with french partner.
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Contributor : Evrard Ulrich Mounkala <>
Submitted on : Sunday, August 15, 2021 - 7:33:53 PM
Last modification on : Tuesday, August 17, 2021 - 3:23:51 AM


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Evrard Ulrich Mounkala. Rigidités nominales, noyau d'inflation et croissance dans la Communauté Economique et Monétaire de l'Afrique Centrale. Economies et finances. Université d'Orléans (UO), 2021. Français. ⟨tel-03320400⟩



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