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Inflation Uncertainty and Relative Price Variability in WAEMU Countries

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  • Kerstin Gerling
  • Carlos Fernandez Valdovinos

Abstract

Using a consistent dataset and methodology for all eight member countries of the West African Economic and Monetary Union (WAEMU) from 1994 to 2009, this paper provides evidence of the two major channels for real effects of inflation: inflation uncertainty and relative price variability. In line with theory and most evidence for advanced and emerging market economies, higher inflation increases inflation uncertainty and relative price variability in all WAEMU countries. However, the pattern, magnitude and timing of these two channels vary considerably by country. The findings raise several policy issues for future research.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 11/59.

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Length: 44
Date of creation: 01 Mar 2011
Date of revision:
Handle: RePEc:imf:imfwpa:11/59

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Keywords: Economic models; Inflation targeting; Price elasticity; Prices; West Africa; West African Economic and Monetary Union; inflation; monetary policy; relative price; relative price variability; inflation rates; inflation rate; central bank; aggregate demand; monetary union; measure of inflation; effects of inflation; relative prices; monetary economics; price level; average inflation; price stability; money supply; rate of inflation; effect of inflation; monetary independence; inflation dynamics; nominal interest rates; reserve requirements; monetary policy instruments; national monetary policy; foreign exchange; high inflation; monetary fund; inflation target; low inflation; european monetary union; monetary authority; monetary stance; monetary unions; terms of trade; rise in inflation; real output; variable inflation; rational expectations; changes in prices; high-inflation episodes; monetary instrument; monetary regimes; autonomous monetary policy; money market; average inflation rate;

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Cited by:
  1. Carlos Caceres & Marcos Poplawski-Ribeiro & Darlena Tartari, 2013. "Inflation Dynamics in the CEMAC Region," Journal of African Economies, Centre for the Study of African Economies (CSAE), Centre for the Study of African Economies (CSAE), vol. 22(2), pages 239-275, March.
  2. Bossone, Biagio, 2014. "Liquidity and capital under uncertainty and changing market sentiment: A simple analysis," Review of Financial Economics, Elsevier, Elsevier, vol. 23(2), pages 98-105.
  3. Cheikh Tidiane Ndiaye & Mamadou Abdoulaye Konte, 2012. "Incertitude de l'inflation et croissance économique : le cas de l'UEMOA," Working Papers, HAL halshs-00828156, HAL.
  4. Magazzino, Cosimo, 2012. "Revenue and expenditure nexus: A case study of ECOWAS," Economics Discussion Papers 2012-57, Kiel Institute for the World Economy.

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