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Inflation Determinants in Paraguay

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  • Brieuc Monfort
  • Santiago Peña
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    Abstract

    This article uses two analytical methodologies to understand the dynamics of inflation in Paraguay, the mark-up theory of inflation and the monetary theory of inflation. We also study the impact of different monetary aggregates. The results suggest that monetary factors, in particular currency in circulation, play a major role in determining long-run inflation, while foreign prices, in particular from Brazil, or some food products have a large impact on the short-term dynamics of inflation. Wage indexation may also contribute to locking up price increases.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 08/270.

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    Length: 41
    Date of creation: 01 Dec 2008
    Date of revision:
    Handle: RePEc:imf:imfwpa:08/270

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    Related research

    Keywords: Wage indexation; Price increases; Spillovers; inflation; money demand; monetary aggregate; monetary aggregates; money supply; monetary policy; central bank; inflation dynamics; real money; monetary theory; theory of money; aggregate demand; money balances; moderate inflation; inflationary pressures; foreign currency; monetary fund; inflation targeting; inflation money; monetary factors; demand for money; money market; actual inflation; average inflation; lower inflation; inflationary impact; measure of inflation; quantity theory of money; inflation rate; monetary growth; real money supply; high inflation; cost-push inflation; monetary supply; price level; inflation process; forecasting inflation; inflation equation; monetary approach; foreign exchange; real wages; monetary policy framework; quantity theory; annual inflation; terms of trade; changes in prices;

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    1. Stephen G. Cecchetti, 1996. "Measuring Short-Run Inflation for Central Bankers," NBER Working Papers 5786, National Bureau of Economic Research, Inc.
    2. Pedro Duarte Neves & Luís Morais Sarmento & Carlos Robalo Marques, 1999. "Evaluating core inflation indicators," Economic Bulletin and Financial Stability Report Articles, Banco de Portugal, Economics and Research Department, Banco de Portugal, Economics and Research Department.
    3. Gordon de Brouwer & Neil R. Ericsson, 1995. "Modelling Inflation in Australia," RBA Research Discussion Papers, Reserve Bank of Australia rdp9510, Reserve Bank of Australia.
    4. Mick Silver, 2006. "Core Inflation Measures and Statistical Issues in Choosing Among them," IMF Working Papers 06/97, International Monetary Fund.
    5. Toshitaka Sekine, 2001. "Modeling and Forecasting Inflation in Japan," IMF Working Papers 01/82, International Monetary Fund.
    6. Oomes, Nienke & Ohnsorge, Franziska, 2005. "Money demand and inflation in dollarized economies: The case of Russia," Journal of Comparative Economics, Elsevier, vol. 33(3), pages 462-483, September.
    7. Bogdan Lissovolik, 2003. "Determinants of Inflation in a Transition Economy," IMF Working Papers 03/126, International Monetary Fund.
    8. Franziska Ohnsorge & Nienke Oomes, 2005. "Money Demand and Inflation in Dollarized Economies," IMF Working Papers 05/144, International Monetary Fund.
    9. Armine Khachatryan & David A. Grigorian & Grigor Sargsyan, 2004. "Exchange Rate, Money, and Wages," IMF Working Papers 04/229, International Monetary Fund.
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