On-Site Report

Stay of Dean Aguey at the Central Bank of West African States (BCEAO)

On October 18, 2021, the Central Bank of West African States (BCEAO), Princeton University, and the African School of Economics (ASE) concluded, for a renewable period of 5 years, an MoU relating to research and training in Economics and Finance.

As the activities were carried out between the said institutions, Prof Sam Aguey stayed at the BCEAO Headquarters in Dakar, Senegal, for 3 months, within the Research, Training and Partnerships department (COFEB).

During the stay, Prof. Aguey had to lead a research seminar and a methodological workshop, to support his peers in papers’ evaluation for publication, and to produce research on the Dynamics of inflation and the cost of disinflation in WAMU. In summary, his findings recommend that inflation should be rigorously and quickly brought back to its target zone after an economic shock in the Union. Short-term contractions in real GDP would be less costly for the Union than long-term hysteresis effects on production potential. In return, the stay contributed to strengthening the professor's knowledge of the functioning of the Bank, the history of the CFA franc through the visit to the currency museum, and above all, the expansion of ASE networks and research agendas.

According to the Dean, “The knowledge acquired and the links established will be used to boost the partnership between our institutions and to broaden our fields of research. The working environment was friendly and in close collaboration with a dynamic team. On behalf of ASE, its founder Professor Leonard Wantchekon, and my own, I would like to thank the Central Bank Authorities and the COFEB colleagues for the initiative and the smooth running of my stay at the Bank. As set, we are already working on the stays of the colleagues from the Bank at ASE and the joint organization of summer schools.”