LE NOUVEAU POLICY-MIX: QUEL DESIGN DANS LUNION ECONOMIQUE ET MONETAIRE OUEST AFRICAINE (UEMOA)

This article examines the different configurations of the new Policy-mix, ie the coordination between macro-prudential and monetary policies in the WAEMU zone. Through the DSGE models, simulations under financial shocks reveal the inefficiency of monetary policy in taking into account the objective of financial stability, thus justifying the need for financial reforms geared towards the adoption of macro-prudentials instruments. However, the question then is what type of coordination is used? The different simulations show that in case of supply, demand and financial shocks, integrated coordination is more effective than the separate coordination of the two policies because it reveals the effectiveness of monetary policy in taking into account the objective of financial stability and macro-prudential policy can affect inflation and output through the change in the ratio of bank credit to GDP.