RÈGLE DE TAYLOR ET POLITIQUE MONÉTAIRE DANS LA ZONE UEMOA
RULE OF TAYLOR AND MONETARY POLICY IN THE ZONE UEMOA

Summary/Abstract: In this study, we build a model showing the way the Central Bank of The West African States (CBWAS) fix his interest rates, by means of the monetary policy rule. It is a question of leading an analysis on the adequacy of the monetary policy of the CBWAS with Taylor’s rule. The results obtained from the annual data (from1960 to 2003) inform that Taylor’s rule, in the initial version, presents a weak explanatory power of the behavior of the authorities of the West African Economic and Monetary Union (WAEMU). In spite of this weak explanatory power, Taylor’s rule could however constitute an additional reference of appreciation to be considered in the system of decision of the central bank.

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