Monetary policy

secondary sector, it is production (measured as value added of industry) that Granger causes electricity consumption whilein the tertiary sector, the causality goes from electricity consumption to production (measured as value added of services). So, any policy aimed at strengthening growth and reduce poverty must pay special attention on energy production. Key words: Infrastructure, Granger causality, economic performance, economic branch of activity. Classification JEL: O13, O40, O41 1 1. INTRODUCTION

capita Many economic and financial concepts and measures are often expressed in monetary terms - GDP, consumer expenditure, exports - Turnover, profit, investment - Salaries, rent, dividends But the value of money changes over time with inflation and deflation. To make direct comparisons over time, we need to use “constant prices” (“a big Mac is a big Mac”, want a measure volume/quantity not monetary value) Ways of computing GDP: What is earned = what is spent

population density, European gvts benefitted from established frameworks of institutions to respond to techno and social transformations. Interpenetration of European Gvts since mid-1980s = Single European Act, 1992 programme, renewed commitment to monetary union in 1989, Maastricht Treaty of EU End of Cold War changed Europe’s geopolitics Realists (Mearsheimer) predicted this would lead to re-emergence of power politics, but actually across W Europe, gvts cut defence budgets and force strengths

communication et de l’informatique. Cette période a vu une hausse remarquable des niveaux de vie et des progrès spectaculaires dans la santé et l’éducation. Paul Masson, 2001, “Globalization: Facts and Figures,” IMF Policy Discussion Paper 01/4 (Washington: International Monetary Fund). Finances & Développement / Mars 2002 9 

station in Savannah, Georgia. The train was en route from Charleston, South Carolina, to Savannah when the crash occurred. Ben Bernanke Federal Reserve Chairman Since the economy tanked, Bernanke has been one of the most visible faces of monetary policy. Cory Booker Mayor Since Booker became mayor, the murder rate in Newark, N.J., has fallen by a third. John Chambers CEO The CEO of Cisco Systems has led one of the biggest comebacks of modern times. Yvon Chouinard Environmentalist and

African and Latin American Tragedies,” Center for Economic Policy Research Discussion Paper No. 1753 (London). Catherine Pattillo (à gauche), Luca Ricci et Hélène Poirson sont économistes, respectivement, au Département des études, au Département Afrique et au Départment Asie et Pacifique du FMI. William Easterly, 2001, “Growth Implosions, Debt Explosions, and My Aunt Marilyn: Do Growth Slowdowns Cause Public Debt Crises?” World Bank Policy Research Working Paper No. 2531 (Washington). ——— and Ross

ou si la politique monétaire et la politique budgétaire se sont partagées la charge de l’ajustement). Le lien empiriquement constaté sur le passé entre déficit public et taux d’intérêt n’est donc pas structurel ; il dépend de l’histoire passée du policy mix ; que sur le passé, la politique monétaire et la politique budgétaire aient été utilisées de façon coordonnée ou conflictuelle ne renseigne en rien sur les conséquences actuelles d’une hausse des déficits publics. 1.3. Taux de long terme, anticipations

CAS LA DYNAMIQUE DE L’INFLATION EN GUINEE 40 30 20 % 10 0 Q 1 Q 1 Q 1 Q 1 Q 1 Q 1 Q 1 Q 1 3 3 3 3 Q Q Q 3 Q 3 3 Q 19 99 20 02 Q 20 05 20 00 20 03 Q 20 06 20 01 20 04 Q 3 INSTITUT MONETAIRE DE L'AFRIQUE DE L'OUEST WEST AFRICAN MONETARY INSTITUTE Modélisation de la Dynamique de l’Inflation en Guinée Copyright © 2007 Institut Monétaire de l’Afrique de l’Ouest (IMAO) P. M. B. CT 75 Accra, Ghana L’Institut entreprend des études sur des thèmes d’actualité touchant la ZMAO pour

(2000) «L’économie de l’ajustement et de la croissance», Mimeo Banque Mondiale, Washington, 2000, 848P. ASCHAUER D.A. (1989) «Does Public Capital Crowd out Private Capital ?», Journal of Monetary Economics, 24 (7), 1989, PP.171-188. ASCHAUER D.A. (1989) «Is Public Expenditure Productive ?», Journal of Monetary Economics, 25, 1989, PP.177-200. Banque Mondiale (2002) «Qualité de la croissance», De Boeck Université, Bruxelles, 2002, 282P. BARRO R. (1990) «Government Spending in a Simple Model

telework place. I.e. home, alternate business location, other city. Reference to human resource management: In order to help employees balance their work, personal and family responsibilities, organizations can choose to introduce a telecommuting policy. This can help organizations attract new recruits. It can also assist organizations in meeting both business and development objectives while satisfying the growing need of employees to improve their overall quality of life. Example: The federal