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Author/Editor:
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Kovanen, Arto
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Publication Date:
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November 01, 2011
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Electronic Access:
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Free Full text
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF.
The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate
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Summary:
Money has only limited information value for future inflation in Ghana over a typical monetary policy implementation horizon (four to eight quarters). On the other hand, currency depreciation and demand pressures (as measured by the output gap) are shown to be important predictors of future price changes. Inflation inertia is high and inflation expectations are largely based on backward-looking information, suggesting that inflation expectations are not well anchored and hence more is needed to strengthen the credibility of Ghana’s inflation-targeting regime.1
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Order a print copy
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Series:
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Working Paper No. 11/274
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Subject(s):
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Capital markets | Cross country analysis | Demand for money | Economic models | Emerging markets | Inflation targeting | Interest rates | Monetary policy | Ghana
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Author's Keyword(s):
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Money demand | monetary policy credibility | inflation-targeting |
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