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<p>This paper quantitatively evaluates the role of monetary policy in stabilizing fluctuations in a developing country economy such as the CEMAC (Economic and Monetary Community of Central Africa) through two exchange rate regimes, namely the fixed exchange rate regime (scenario 2) and the floating exchange rate regime (scenario 1). This model takes into account farmer and non-farmer assets, farmer and non-farmer production, and climate change damages on farmer production. Using Bayesian estimation techniques via the SSJ (Sequence Space Jacobian) method, we estimate the HANK (Heterogeneous Agent New Keynesian) model constructed under the two exchange rate regimes. Under a floating exchange rate regime, monetary policy plays an important role in attenuating the transmission of asymmetric shocks. Indeed, under this regime, fluctuations are less significant than under the fixed exchange rate regime. CEMAC is more sensitive to climatic shocks than to other shocks under a floating exchange rate regime and the central bank plays a stabilizing role. The authorities must also put in place policies to reduce the impact of climate damage.</p>

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Monetary Policy with Heterogeneous Agents in Developing Countries : The Case of CEMAC Zone

  • 期刊论文

  • 发表日期：

    2026年1月29日

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  • Franck Xavier Signe,
  • Jean-Christophe Poutineau,
  • Jean Marie Gankou

摘要

This paper quantitatively evaluates the role of monetary policy in stabilizing fluctuations in a developing country economy such as the CEMAC (Economic and Monetary Community of Central Africa) through two exchange rate regimes, namely the fixed exchange rate regime (scenario 2) and the floating exchange rate regime (scenario 1). This model takes into account farmer and non-farmer assets, farmer and non-farmer production, and climate change damages on farmer production. Using Bayesian estimation techniques via the SSJ (Sequence Space Jacobian) method, we estimate the HANK (Heterogeneous Agent New Keynesian) model constructed under the two exchange rate regimes. Under a floating exchange rate regime, monetary policy plays an important role in attenuating the transmission of asymmetric shocks. Indeed, under this regime, fluctuations are less significant than under the fixed exchange rate regime. CEMAC is more sensitive to climatic shocks than to other shocks under a floating exchange rate regime and the central bank plays a stabilizing role. The authorities must also put in place policies to reduce the impact of climate damage.