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Modeling Inflation for Mali

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  • Mame Astou Diouf
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    Abstract

    This paper investigates how consumer price inflation is determined in Mali for 1979-2006 along three macroeconomic explanations: (1) monetarist theories, emphasizing the impact of excess money supply, (2) the structuralist hypothesis, stressing the impact of supply-side constraints, and (3) external theories, describing the effects of foreign transmission mechanisms on a small open economy. The analysis makes use of cointegration techniques and general-to-specific modeling. Average national rainfall, and to a lesser extent deviations from monetary and external sector equilibrium are found to be the main long-run determinants of inflation. The paper offers policy recommendations for controlling inflation in Mali.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 07/295.

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    Length: 34
    Date of creation: 01 Dec 2007
    Date of revision:
    Handle: RePEc:imf:imfwpa:07/295

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    Related research

    Keywords: Real effective exchange rates; inflation; price inflation; terms of trade; money market; money demand; money supply; demand for money; monetary fund; monetary policy; rate of inflation; discount rate; inflation equation; inflation rate; foreign currency; money balances; price level; annual inflation; monetary sector; real money; money stock; inflationary pressures; monetary phenomenon; monetary factors; inflationary impact; price stability; foreign exchange; monetary union; monetary growth; high inflation; lower inflation; monetary disturbances; relative price; low inflation; relative prices; discount rate increase; average inflation; rates of inflation; inflation targeting; effective exchange rates; quantity theory; forecasting inflation; inflation process; monetary aggregates; inflationary shock; inflation dynamics; central bank; inflation money; annual inflation rate;

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    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Jean-Claude Nachega, 2001. "Financial Liberalization, Money Demand, and Inflation in Uganda," IMF Working Papers 01/118, International Monetary Fund.
    2. Jayne, Thomas S. & Mukumbu, Mulinge & Duncan, John & Staatz, John M. & Howard, Julie A. & Lundberg, Mattias K.A. & Aldridge, Kim & Nakaponda, Bethel & Ferris, John N. & Keita, Francis & Sanankoua, Abd, 1996. "Trends in Real Food Prices in Six Sub-Saharan African Countries," Food Security International Development Working Papers 54695, Michigan State University, Department of Agricultural, Food, and Resource Economics.
    3. Mohsin S. Khan & Axel Schimmelpfennig, 2006. "Inflation in Pakistan," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 45(2), pages 185-202.
    4. Gary G. Moser, 1994. "The Main Determinants of Inflation in Nigeria," IMF Working Papers 94/76, International Monetary Fund.
    5. Neil R. Ericsson, 1998. "Empirical modeling of money demand," Empirical Economics, Springer, vol. 23(3), pages 295-315.
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    Cited by:
    1. Durevall, Dick & Loening, Josef L. & Ayalew Birru, Yohannes, 2013. "Inflation dynamics and food prices in Ethiopia," Journal of Development Economics, Elsevier, vol. 104(C), pages 89-106.

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