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Inflation dynamics in a small emerging market

Author

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  • Oral Williams
  • Olumuyiwa Adedeji

Abstract

This study investigates the determinants of inflation in the Dominican Republic during 1991 to 2002, a period characterized by remarkable macroeconomic stability and growth. By developing a parsimonious and empirically stable error correction model using quarterly observations, the study finds that inflation is explained by changes in monetary aggregates, real output, foreign inflation and the exchange rate. Long-run relationships in the money and traded goods markets are found to exist, but only the disequilibrium from the money market exerts a significant impact on inflation.

Suggested Citation

  • Oral Williams & Olumuyiwa Adedeji, 2007. "Inflation dynamics in a small emerging market," Applied Economics, Taylor & Francis Journals, vol. 39(4), pages 407-414.
    • Handle: RePEc:taf:applec:v:39:y:2007:i:4:p:407-414
    DOI: 10.1080/00036840500439085
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    References listed on IDEAS

    as
    1. Mr. Emilio Sacerdoti & Mr. Yuan Xiao, 2001. "Inflation Dynamics in Madagascar, 1971-2000," IMF Working Papers 2001/168, International Monetary Fund.
    2. Mr. Guy M Meredith, 2003. "Medium-Term Exchange Rate Forecasting: What Can We Expect?," IMF Working Papers 2003/021, International Monetary Fund.
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    Cited by:

    1. Díaz, Antonio & Jareño, Francisco, 2009. "Explanatory factors of the inflation news impact on stock returns by sector: The Spanish case," Research in International Business and Finance, Elsevier, vol. 23(3), pages 349-368, September.

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