H. Miniaoui, M. Hergli and A. Martens
African Review of Money Finance and Banking 2007, pp. 55-77

The object of this paper is to determine an optimal rule of monetary policy for a small open economy. We introduced the uncovered interest parity to the model of Ball (1999). The coefficients obtained of the rule are lower than those found by Ball privileging exchange rate. The estimate of this model in the case of Tunisia made it possible to confirm the awaited theoretical results. As, it is necessary to announce as this rule of monetary policy remains effective under condition of its credibility.

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