Exchange Rate Pass-through in Countries of the Proposed West African Monetary Zone (WAMZ)
Bibliographic record
Abstract
This paper examines the extent and speed of exchange rate pass-through to inflation in countries of the proposed West African monetary zone. Using monthly data starting from 2000:01 - the year the monetary zone was proposed ¨C to 2011:12 and utilising impulse response and variance decomposition functions within a vector autoregressive framework, the paper finds that exchange rate dynamics have a direct impact on headline inflation in these countries. The results show varying degrees of the extent and speed of exchange rate pass-through to headline inflation that policy makers need to mindful of in the proposed monetary union. The extent of pass-through is highest in Ghana and lowest in Nigeria. Also, except for Ghana where pass-through persisted, it died down in 12 months in the other member countries. Variance decomposition shows that the relative importance of exchange rate dynamics in explaining domestic prices is higher for Guinea and Ghana and those prices are largely driven by their dynamics among members of the proposed monetary zone.
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How this classification was reachedexpand
Full frame distilled prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. Learned from the 10,348 direct Codex labels and 10,348 direct Gemma labels. Candidate is the union of thresholded teacher heads; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels or direct frontier model labels.
Codex and Gemma teacher scores by category
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.001 | 0.000 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.001 | 0.000 |
| Bibliometrics | 0.000 | 0.000 |
| Science and technology studies | 0.000 | 0.000 |
| Scholarly communication | 0.000 | 0.000 |
| Open science | 0.000 | 0.000 |
| Research integrity | 0.000 | 0.000 |
| Insufficient payload (model declined to judge) | 0.000 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one teacher head, not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".