Correlations of structural shocks, dynamic responses of output and inflation to commodities price shocks and monetary union in WAMZ
Yahuza Abdul Rahman,
Anthony Kofi Osei-Fosu,
Daniel Sakyi
Abstract:PurposeThis paper examines correlations of the underlying structural shocks and the degree of synchronization in the impulse responses of output, inflation and trade to a one standard deviation shock to non-oil commodities price index and exchange rates within the West African Monetary Zone (WAMZ) countries from 1990q1 to 2020q1.Design/methodology/approachThis paper uses the structural vector autoregressive model to isolate the underlying structural shocks and compares them with the West African Monetary Union… Show more
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