The authors re-assess the informal sector in French-speaking Africa. They first look at the classical interpretations of how the informal sector is perceived in the context of development: as a result of international capitalism or as a correction to an unbalanced development. They situate the...

Presents the findings of a survey of 2344 persons, carried out in April and May 1992.

In a canonical staggered pricing model, monetary discretion leads to multiple private sector equilibria. The basis for multiplicity is a form of policy complementarity. Specifically, prices set in the current period embed expectations about future policy, and actual future policy responds to...

Optimal monetary policy maximizes welfare, given frictions in the economic environment. Constructing a model with two sets of frictions – the Keynesian friction of costly price adjustment by imperfectly competitive firms and the Monetarist friction of costly exchange of wealth for goods –...