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Sources of Inflation in Sub-Saharan Africa

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  • Shanaka J. Peiris
  • Régis Barnichon

Abstract

This paper explores the sources of inflation in Sub-Saharan Africa by examining the relationship between inflation, the output gap, and the real money gap. Using heterogeneous panel cointegration estimation techniques, we estimate cointegrating vectors for the production function and the real money demand function to recover the structural output and money gaps for seventeen African countries. The central finding is that both gaps contain significant information regarding the evolution of inflation, albeit with a larger role played by the money gap. There is no significant evidence of asymmetry in the relationship.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 07/32.

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Length: 24
Date of creation: 01 Feb 2007
Date of revision:
Handle: RePEc:imf:imfwpa:07/32

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Related research

Keywords: Production; Economic models; Prices; inflation; real money; money demand; monetary policy; money stock; inflationary pressures; monetary economics; monetary aggregates; monetary union; terms of trade; monetary financing; monetary fund; demand for money; inflation rate; money supply; inflationary expectations; price level; inflation dynamics; inflation process; real output; monetary theory; monetary policies; high inflation; forecasting inflation;

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Cited by:
  1. Loening, Josef L. & Durevall, Dick & Ayalew Birru, Yohannes, 2009. "Inflation Dynamics and Food Prices in an Agricultural Economy: The Case of Ethiopia," Working Papers in Economics 347, University of Gothenburg, Department of Economics.
  2. World Bank, 2010. "Sub-Saharan Africa - Managing Land in a Changing Climate : An Operational Perspective for Sub-Saharan Africa," World Bank Other Operational Studies 2874, The World Bank.
  3. Dick Durevall & Bo Sjö, 2012. "Working Paper 151 - The Dynamics of Inflation in Ethiopia and Kenya," Working Paper Series 400, African Development Bank.
  4. Hamid Reza Davoodi & S. V. S. Dixit & Gabor Pinter, 2013. "Monetary Transmission Mechanism in the East African Community," IMF Working Papers 13/39, International Monetary Fund.
  5. James Heintz & Léonce Ndikumana, 2010. "Is There a Case for Formal Inflation Targeting in Sub-Saharan Africa?," Working Papers wp218, Political Economy Research Institute, University of Massachusetts at Amherst.
  6. Kenji Moriyama, 2008. "Investigating Inflation Dynamics in Sudan," IMF Working Papers 08/189, International Monetary Fund.
  7. Nkonya, Ephraim & Place, Frank & Pender, John & Mwanjololo, Majaliwa & Okhimamhe, Appollonia & Kato, Edward & Crespo, Susana & Ndjeunga, Jupiter & Traore, Sibiry, 2011. "Climate risk management through sustainable land management in Sub-Saharan Africa:," IFPRI discussion papers 1126, International Food Policy Research Institute (IFPRI).
  8. Durevall, Dick & Loening, Josef L. & Birru, Yohannes A., 2010. "Inflation Dynamics and Food Prices in Ethiopia," Working Papers in Economics 478, University of Gothenburg, Department of Economics, revised 03 Jun 2013.
  9. Tidiane Kinda, 2011. "Modeling Inflation in Chad," IMF Working Papers 11/57, International Monetary Fund.

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