Abstract:Unlike previous studies, the current study uses oil price and inflationary
shocks to assess the feasibility of actualizing the ECOWAS Vision 2020,
which is aimed at creating a monetary union. With the help of the Blanchard
and Quah (BQ) decomposition for a sample from 1975:05 to 2018:08, two sets
of models are estimated: models for inflationary shocks and models for oil
price shocks. It is found that although the vision is a mirage, the creation
of a common currency can serve as a shock absor… Show more
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