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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 that 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 hand, 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 to BEAC’s monetary policy, by testing 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 core inflation rate that can serve as benchmark for medium-term price stability of BEAC’s monetary policy internal final objective (chapter 2). Third, still in the concern of nominal and real rigidities presence in CEMAC, which another implication is related to real effects of monetary policy impulse in short-term, we look for a desirable inflation rate that is coherent in the short-term with the high economic growth rate achievement 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 the desirable inflation, as normative measure, converges toward core inflation, which is a positive measure, in the long term, since at equilibrium inflation remain exclusively a monetary phenomenon, therefore dependent on core inflation (chapter 3). At the end, we hope that analyses conducted in this thesis would modestly contribute to the ongoing reflexion inUMAC in order to reform monetary cooperation with French partner.
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Submitted on : Thursday, June 23, 2022 - 9:35:18 AM
Last modification on : Friday, June 24, 2022 - 3:47:21 AM


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Evrard Ulrich Herménégilde Mounkala. Rigidités nominales, noyau d'inflation et croissance dans la Communauté Economique et Monétaire de l'Afrique Centrale. Economies et finances. Université d'Orléans, 2021. Français. ⟨NNT : 2021ORLE3151⟩. ⟨tel-03320400v2⟩



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