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This paper examines the coherence of economic policy instruments for cyclical stabilization of the WAEMU economies over the period 1980-2013. Employing a structural autoregressive panel model, the study shows that there is no complementarity (substitutability) between monetary and fiscal policy instruments during periods of recession (expansion). Moreover, the fiscal shock has more effect on monetary policy and economic cycle than any monetary shock. Denoting the non-coherence of economic policy instruments, the paper advocates the adoptionof a policy-mix focusing on the cyclical position of the WAEMU economies in order to maintain the overallmonetary stability of the union.

Interactions of Economic Policy Instruments in Waemu: The Role of the Economic Cycle