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This document focuses on implications of alternative macroeconomic policy responses to external shocks in Africa. The paper is the development research series. the paper is organized in five sections: the next section provides: a background for the study by briefly reviewing the nature, causes and consequences of external shocks in African countries; section three provides empirical simulation results on the implications of alternative policy regimes under given external shocks, and thus evaluates their capacity to insulate the economy from the shocks; section four examines the nature and implications of different discretionary stabilization responses open to African countries, and section five concludes the paper. |
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