## Inflation Dynamics in the CEMAC Region

_IMF Working Papers, October 1, 2011_

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## Bibliographic details
- Authors: Marcos Poplawski Ribeiro, Darlena Tartari Schwegler, Carlos Caceres
- Published: October 1, 2011
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9781463921965.001

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### Summary of analysis
- Paper analyses inflation dynamics in the Central African Economic and Monetary Community (CEMAC) using a constructed dataset for country-specific commodity price indices and panel cointegrated vector autoregressive (VAR) models.
- Imported commodity price shocks are significant in explaining inflation in the region.
- Governments are another driving force of inflation dynamics mainly through controlled prices and the role of capital expenditure in domestic activity.
- In most CEMAC countries, the largest effect of global food and fuel prices occurs after four or five quarters in noncore inflation and then decays substantially over time.
- Second-round effects are significant only in Cameroon and to a lesser extent in the Republic of Congo.

### Major findings (empirical)
- Imported commodity price shocks play a significant role in regional inflation.
- Government actions influence inflation dynamics largely via:
  - controlled prices; and
  - the role of capital expenditure in domestic activity.
- Timing and persistence of global food and fuel price effects:
  - Largest effect occurs after four or five quarters in noncore inflation.
  - Effects then decay substantially over time.
- Second-round (pass-through) effects:
  - Significant in Cameroon.
  - Present to a lesser extent in the Republic of Congo.
- Methodology:
  - Constructed dataset for country-specific commodity price indices.
  - Panel cointegrated vector autoregressive (VAR) models.

### Key statistics and publication metadata
- Authors: Marcos Poplawski Ribeiro, Darlena Tartari Schwegler, Carlos Caceres
- Publication date: October 1, 2011
- Series: Working Paper No. 2011/232
- Issue: 232
- Volume: 2011
- Pages: 29
- DOI: https://doi.org/10.5089/9781463921965.001
- Stock No: WPIEA2011232
- ISBN: 9781463921965
- ISSN: 1018-5941

*Source: IMF Working Papers — "Inflation Dynamics in the CEMAC Region" (authors and publication details as listed above).*

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_Source: https://www.imf.org/en/publications/wp/issues/2016/12/31/inflation-dynamics-in-the-cemac-region-25280_