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How Does Monetary Policy Affect the Poor? Evidence from the West African Economic and Monetary Union

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  • David Fielding

Abstract

The West African Economic and Monetary Union (UEMOA) has a history of monetary stability and low inflation. Nevertheless, there is substantial variation in relative prices within some UEMOA countries, in particular in the price of food relative to other elements of the retail price index (IHPC). Using monthly time-series data for cities within the region, we analyze the impact of changes in monetary policy instruments on the relative prices of components of the IHPC. We are then able to explore how the burden of monetary policy innovations is likely to be shared between the rich and poor.

Suggested Citation

  • David Fielding, 2003. "How Does Monetary Policy Affect the Poor? Evidence from the West African Economic and Monetary Union," Discussion Papers in Economics 03/11, Division of Economics, School of Business, University of Leicester.
    • Handle: RePEc:lec:leecon:03/11
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    File URL: https://www.le.ac.uk/economics/research/RePEc/lec/leecon/dp03-11.pdf
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    Cited by:

    1. Paul Alagidede & Simeon Coleman & Juan Carlos Cuestas, 2010. "Persistence of Inflationary shocks: Implications for West African Monetary Union Membership," Working Papers 2010020, The University of Sheffield, Department of Economics, revised Nov 2010.
    2. Coleman, Simeon, 2012. "Where Does the Axe Fall? Inflation Dynamics and Poverty Rates: Regional and Sectoral Evidence for Ghana," World Development, Elsevier, vol. 40(12), pages 2454-2467.
    3. Alagidede, Paul & Coleman, Simeon & Cuestas, Juan Carlos, 2012. "Inflationary shocks and common economic trends: Implications for West African monetary union membership," Journal of Policy Modeling, Elsevier, vol. 34(3), pages 460-475.
    4. David Fielding & Kevin Lee & Kalvinder Shields, 2004. "Modelling Macroeconomic Linkages in a Monetary Union: A West African Example," WIDER Working Paper Series RP2004-22, World Institute for Development Economic Research (UNU-WIDER).
    5. Coleman, Simeon, 2010. "Inflation persistence in the Franc zone: Evidence from disaggregated prices," Journal of Macroeconomics, Elsevier, vol. 32(1), pages 426-442, March.
    6. S Coleman & M Karoglou, 2010. "Monetary Variability and Monetary Variables in the Franc Zone," Economic Issues Journal Articles, Economic Issues, vol. 15(2), pages 17-48, September.

    More about this item

    Keywords

    Monetary policy; poverty; Africa;
    All these keywords.

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • I39 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - Other
    • O23 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Fiscal and Monetary Policy in Development

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