Secteur minier, politique monétaire et volatilité cyclique dans une petite économie ouverte

Michel-Ange Lokota Ilondo, Boboy Togba (), Cédrick Tombola () and Jean-Paul Tsasa ()
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Boboy Togba: Laboratoire d'analyse-recherche en économie quantitative
Cédrick Tombola: Laboratoire d'analyse-recherche en économie quantitative
Jean-Paul Tsasa: Laboratoire d'analyse-recherche en économie quantitative
Authors registered in the RePEc Author Service: Cédrick TOMBOLA MUKE ()

African Journal of Frontiers of Economics and Mathematics, 2016, issue 1, 57-87

Abstract: Developing countries are often characterized by a high volatility of inflation, exchange rate and output in contrast to advanced economies. In this paper, we develop a small open-economy dynamic stochastic general equilibrium (SOE DSGE). We modify the model of Galí and Monacelli (2005) in order to take into account interactions between natural resource sector and business cycle. Then we calibrate the model using Congolese (DRC) data, in order to provide a reasonable description of its main features, particularly relative volatility of inflation and exchange rates. Finally, we use this framework to: (i) characterize the transmission mechanism of monetary policy; (ii) assess the macroeconomic implications of volatility on welfare when monetary policy follows a standard rule based on the targeting of domestic inflation. The purpose objective of this paper is to design a compact and transparent analytical tool to simulate the real effects of the monetary policy in the DRC.

Keywords: Monetary policy; Relative volatility; Natural resource sector; Business cycle (search for similar items in EconPapers)
JEL-codes: E32 E52 F41 (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:lrq:journl:y:2016:i:1:p:57-87

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