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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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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. Laurence Ball & N. Gregory Mankiw, 1992. "Asymmetric Price Adjustment and Economic Fluctuations," NBER Working Papers 4089, National Bureau of Economic Research, Inc.
  2. Thierry Pujol & Mark E. L. Griffiths, 1996. "Moderate Inflation in Poland," IMF Working Papers, International Monetary Fund 96/57, International Monetary Fund.
  3. Christopher J. Jarvis, 1999. "The Rise and Fall of the Pyramid Schemes in Albania," IMF Working Papers, International Monetary Fund 99/98, International Monetary Fund.
  4. Daniel Münich & Jan Svejnar & Katherine Terrell, 2005. "Returns to Human Capital Under The Communist Wage Grid and During the Transition to a Market Economy," The Review of Economics and Statistics, MIT Press, vol. 87(1), pages 100-123, February.
  5. Robert J. Flanagan, 1995. "Wage Structure in the Transition of the Czech Economy," IMF Working Papers, International Monetary Fund 95/36, International Monetary Fund.
  6. Laurence Ball & N. Gregory Mankiw, 1992. "Relative-Price Changes as Aggregate Supply Shocks," NBER Working Papers 4168, National Bureau of Economic Research, Inc.
  7. 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, The European Bank for Reconstruction and Development, vol. 4(1), pages 89-112, 05.
  8. 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.
  9. Sharmini Coorey & Mauro Mecagni & Erik Offerdal, 1996. "Disinflation in Transition Economies," IMF Working Papers, International Monetary Fund 96/138, International Monetary Fund.
  10. C. McNeilly & Doris Schiesser-Gachnang, 1998. "Reducing Inflation," IMF Working Papers, International Monetary Fund 98/78, International Monetary Fund.
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Citations

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Cited by:
  1. Pelipas, Igor, 2006. "Money demand and inflation in Belarus: Evidence from cointegrated VAR," Research in International Business and Finance, Elsevier, Elsevier, vol. 20(2), pages 200-214, June.
  2. Anton Schautzer, 2005. "Albania: Country Profile and Recent Economic Developments," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), Oesterreichische Nationalbank (Austrian Central Bank), issue 1, pages 107-126.
  3. repec:wii:bpaper:bowp:016 is not listed on IDEAS
  4. Marek Dabrowski & Wojciech Paczynski & Lukasz Rawdanowicz, 2002. "Inflation and Monetary Policy in Russia: Transition Experience and Future Recommendations," CASE Network Studies and Analyses, CASE-Center for Social and Economic Research 0241, CASE-Center for Social and Economic Research.
  5. Erjon Luci & Marta Muco & Peter Sanfey, 2001. "Stabilization, monetary policy and financial institutions in Albania," wiiw Balkan Observatory Working Papers, The Vienna Institute for International Economic Studies, wiiw 16, The Vienna Institute for International Economic Studies, wiiw.
  6. Wachtel, Paul & Korhonen, Iikka, 2004. "Observations on disinflation in transition economies," BOFIT Discussion Papers, Bank of Finland, Institute for Economies in Transition 5/2004, Bank of Finland, Institute for Economies in Transition.

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