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Author/Editor:
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Fernandez Valdovinos, Carlos ; Gerling, Kerstin
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Publication Date:
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March 01, 2011
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Electronic Access:
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Free Full text
(PDF file size is 651KB).
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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:
Using a consistent dataset and methodology for all eight member countries of the West African Economic and Monetary Union (WAEMU) from 1994 to 2009, this paper provides evidence of the two major channels for real effects of inflation: inflation uncertainty and relative price variability. In line with theory and most evidence for advanced and emerging market economies, higher inflation increases inflation uncertainty and relative price variability in all WAEMU countries. However, the pattern, magnitude and timing of these two channels vary considerably by country. The findings raise several policy issues for future research.
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Series:
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Working Paper No. 11/59
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Subject(s):
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Central banks | Cross country analysis | Economic models | Inflation | Inflation targeting | Monetary policy | Price elasticity | Prices | West Africa | West African Economic and Monetary Union
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Author's Keyword(s):
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Inflation | inflation uncertainty | relative price volatility |
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