The paper investigates the relationships between domestic and foreign price levels and the exchange rate and other macro-variables. The real exchange rate is estimated as a cointegrating vector that spans the variables in a purchasing power parity relation. An exchange rate pass-through equation is estimated, and it is seen that the rate of inflation is affected largely by the pass-through effects from exchange rate changes and the world rate of inflation.
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Paper provided by African Economic Research Consortium in its series Papers with number
58.
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