Kalulumia, Pene; Yourougou, Pierre - In: Journal of African Economies 6 (1997) 2, pp. 197-230
This paper tests money-output causality and non-neutrality in five African countries, all members of the West African Monetary Union, using quarterly data for the period 1964 to 1993 and applying recent robust cointegration and dynamic modelling techniques. The real exchange rate, the price...