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Sources of Inflation in Sub-Saharan Africa
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Author/Editor: |
Barnichon, Régis | Peiris, Shanaka J. |
| Authorized for Distribution: |
February 1, 2007 |
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Electronic Access: |
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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: 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 |
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Subject(s): |
Inflation | Sub-Saharan Africa | Demand for money | Production | Accounting | Economic models |
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Author's keyword(s): |
Inflation | Phillips curve | money demand | panel cointegration | growth accounting |
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Published: |
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February 1, 2007 |
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ISBN/ISSN: |
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1934-7073 |
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Format: |
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Paper |
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Stock No: |
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WPIEA2007032 |
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Pages: |
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24 |
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Price: |
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US$18.00 (Academic Rate: US$18.00 )
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