support for the hypothesis that the BCEAO has contracted private sector credit in response to a higher inflation differential … with France. However, there seems to be no policy rule to restrict private sector credit in response to increasing …

variables, such as inflation, the output gap, its foreign exchange position and government borrowing. …

' inflation aversion and exit costs. …

decisions on the EU-wide average of inflation and growth or should it instead focus on (appropriately weighted) national welfare … losses based on national rates of inflation and growth? We find that a central bank that minimises the sum of national … common shocks is large relative to the inflation bias and if idiosyncratic demand shocks in the non-tradables sector are not …

shock horizontally - across countries - within the brackets of the union-wide wealth distribution rather than vertically …

to the real economy can be the source of banking crisis, causing an increase in the interbank finance premia, aggravating … the initial shock; and (iii) asset purchase policies and long-term refinancing operations can both be successful in …