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Sources of Inflation in Sub-Saharan Africa

Author/Editor: Barnichon, Régis | Peiris, Shanaka J.
Authorized for Distribution: February 1, 2007
Electronic Access: Free Full Text (PDF file size is 512KB)
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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.

Summary: This paper explores the sources of inflation in Sub-Saharan Africa by examining the relationship between inflation, the output gap, and the real money gap. Using heterogeneous panel cointegration estimation techniques, we estimate cointegrating vectors for the production function and the real money demand function to recover the structural output and money gaps for seventeen African countries. The central finding is that both gaps contain significant information regarding the evolution of inflation, albeit with a larger role played by the money gap. There is no significant evidence of asymmetry in the relationship.
 
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Series: Working Paper No. 07/32
Subject(s): Inflation | Sub-Saharan Africa | Demand for money | Production | Accounting | Economic models
Author's keyword(s): Inflation | Phillips curve | money demand | panel cointegration | growth accounting
 
English  
    Published:   February 1, 2007        
    ISBN/ISSN:   1934-7073   Format:   Paper
    Stock No:   WPIEA2007032   Pages:   24
    Price:   US$18.00 (Academic Rate: US$18.00 )
       
     
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