Adjustment with a Fixed Exchange Rate: Cameroon, Côte d'Ivoire, and Senegal
研究了喀麦隆、科特迪瓦和塞内加尔在固定汇率下应对1970年代商品和石油价格冲击的调整经验，发现存在可实现实际汇率贬值的政策工具，并用不同工具使用解释了三国的不同调整结果。
As members of the Communauté Financière Africaine, Cameroon, Côte d'lvoire, and Senegal cannot use the nominal exchange rate as a tool of macroeconomic adjustment. This article considers these countries' responses to the commodity and oil price shocks of the 1970s in light of this and other institutional constraints. Using a two-sector model, it shows that there exist instruments that, in principle, permit the real exchange rate depreciation necessary for adjusting to macroeconomic imbalances. The authors interpret the very different adjustment experiences of the three countries (despite their common economic structure and institutional setting) in terms of different uses of these instruments. Alternative assumptions about the labor market leave the qualitative nature of the results unaltered. Statistical analysis of data from the three countries confirms the model's linking of the current account and real exchange rate with the instruments of adjustment.