The relationships between inflation and macro-economic instability are discussed analytically, using a simple monetary model with rational expectations, with an application to the case of Madagascar. The recent macroeconomic history of this country suggests that high inflation is correlated with high volatility of the inflation rate and the real effective exchange rate. The relevance of this observation is confirmed by an empirical analysis of the relationships between inflation, competitiveness and instability in Madagascar.
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Paper provided by Centre for the Study of African Economies, University of Oxford in its series Working Papers Series with number
2001-02.
Length: 20 pages Date of creation: 2001 Date of revision: Handle: RePEc:fth:oxesaf:2001-02
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Find related papers by JEL classification: O55 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Africa E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization
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