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Inflation in Albania

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  • Philipp C. Rother

Abstract

As Albania has succeeded in reducing inflation to very low levels, understanding the driving forces behind the behavior of the price level becomes increasingly important for policy design. In particular, persistent changes in relative prices may contribute to movements of the aggregate price level, and policymakers need to decide to what extent such effects should be accommodated. The present study provides insight into the nature and extent of relative price adjustments during the transition period, and argues that some of their inflationary effects should not be resisted.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 00/207.

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Length: 28
Date of creation: 01 Dec 2000
Date of revision:
Handle: RePEc:imf:imfwpa:00/207

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Related research

Keywords: Transition economies; inflation; relative price; price level; monetary policy; inflation rates; money supply; relative prices; monetary fund; average inflation; inflation rate; inflationary impact; low inflation; foreign currency; price stability; inflation performance; money demand; central bank; inflationary pressures; demand for money; monetary base; inflation process; aggregate demand; monetary conditions; macroeconomic stability; annual inflation; high inflation; real money; monetary model; inflation target; post-crisis period; inflationary expectations; average price level; domestic money market; moderate inflation; domestic money supply; money balances; real interest rate; real wages; monetary stance; monetary policies; macroeconomic performance; real interest rates; monetary aggregates; money growth; inflation equation;

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References

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  1. C. McNeilly & Doris Schiesser-Gachnang, 1998. "Reducing Inflation," IMF Working Papers 98/78, International Monetary Fund.
  2. Thierry Pujol & Mark E. L. Griffiths, 1996. "Moderate Inflation in Poland," IMF Working Papers 96/57, International Monetary Fund.
  3. Jan Rutkowski, 1996. "High skills pay off: the changing wage structure during economic transition in Poland," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 4(1), pages 89-112, 05.
  4. Robert J. Flanagan, 1995. "Wage Structures in the Transition of the Czech Economy," IMF Staff Papers, Palgrave Macmillan, vol. 42(4), pages 836-854, December.
  5. Münich, Daniel & Svejnar, Jan & Terrell, Katherine, 1999. "Returns to Human Capital Under the Communist Wage Grid and During the Transition to a Market Economy," CEPR Discussion Papers 2332, C.E.P.R. Discussion Papers.
  6. Ball, Laurence & Mankiw, N Gregory, 1994. "Asymmetric Price Adjustment and Economic Fluctuations," Economic Journal, Royal Economic Society, vol. 104(423), pages 247-61, March.
  7. Laurence Ball & N. Gregory Mankiw, 1993. "Relative-price changes as aggregate supply shocks," Working Papers 93-13, Federal Reserve Bank of Philadelphia.
  8. Christopher J. Jarvis, 1999. "The Rise and Fall of the Pyramid Schemes in Albania," IMF Working Papers 99/98, International Monetary Fund.
  9. Sharmini Coorey & Mauro Mecagni & Erik Offerdal, 1996. "Disinflation in Transition Economies," IMF Working Papers 96/138, International Monetary Fund.
  10. Robert J. Flanagan, 1995. "Wage Structure in the Transition of the Czech Economy," IMF Working Papers 95/36, International Monetary Fund.
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Citations

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Cited by:
  1. Anton Schautzer, 2005. "Albania: Country Profile and Recent Economic Developments," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue 1.
  2. Marta Muço & Peter Sanfey & Erjon Luçi, 2001. "Stabilization, monetary policy and financial institutions in Albania," wiiw Balkan Observatory Working Papers 016, The Vienna Institute for International Economic Studies, wiiw.
  3. Pelipas, Igor, 2006. "Money demand and inflation in Belarus: Evidence from cointegrated VAR," Research in International Business and Finance, Elsevier, vol. 20(2), pages 200-214, June.
  4. Wachtel, Paul & Korhonen, Iikka, 2004. "Observations on disinflation in transition economies," BOFIT Discussion Papers 5/2004, Bank of Finland, Institute for Economies in Transition.
  5. Marek Dabrowski & Wojciech Paczynski & Lukasz Rawdanowicz, 2002. "Inflation and Monetary Policy in Russia: Transition Experience and Future Recommendations," CASE Network Studies and Analyses 0241, CASE-Center for Social and Economic Research.

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