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Exchange Rate Regimes and Persistence of Inflation in Thailand

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  • Jiranyakul, Komain

Abstract

This paper explored the degree of inflation persistence in Thailand using both headline and sectoral CPI indices during the 1985-2012 period. The results showed that the degree of persistence was low across the fixed and floating exchange rate regimes. The mean shifts appeared to be mostly negative by the impact of switching from fixed to floating exchange rate regime. Furthermore, there seemed to be monetary accommodation of inflation persistence in both regimes. However, some negative mean shifts in the inflation process might be resulted from the impact of inflation targeting implemented in May 2000.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 50109.

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Date of creation: Sep 2013
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Handle: RePEc:pra:mprapa:50109

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Keywords: Inflation persistence; exchange rate regimes; monetary accommodation.;

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  1. Filippo Altissimo & Laurent Bilke & Andrew Levin & Thomas Mathä & Benoit Mojon, 2006. "Sectoral and Aggregate Inflation Dynamics in the Euro Area," Journal of the European Economic Association, MIT Press, vol. 4(2-3), pages 585-593, 04-05.
  2. Alogoskoufis, George S, 1992. "Monetary Accommodation, Exchange Rate Regimes and Inflation Persistence," Economic Journal, Royal Economic Society, vol. 102(412), pages 461-80, May.
  3. Timothy Cogley & Argia M. Sbordone, 2008. "Trend Inflation, Indexation, and Inflation Persistence in the New Keynesian Phillips Curve," American Economic Review, American Economic Association, vol. 98(5), pages 2101-26, December.
  4. Fuhrer, Jeffrey, 2006. "Intrinsic and Inherited Inflation Persistence," MPRA Paper 805, University Library of Munich, Germany.
  5. Michael Bleaney, 2001. "Exchange Rate Regimes and Inflation Persistence," IMF Staff Papers, Palgrave Macmillan, vol. 47(3), pages 5.
  6. Michael Bleaney & Manuela Francisco, 2005. "Inflation persistence and exchange rate regimes: evidence from developing countries," Economics Bulletin, AccessEcon, vol. 6(2), pages 1-15.
  7. Zorica Mladenović & Aleksandra Nojković, 2012. "Inflation Persistence in Central and Southeastern Europe: Evidence from Univariate and Structural Time Series Approaches," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 59(2), pages 235-266, May.
  8. repec:ebl:ecbull:v:6:y:2005:i:2:p:1-15 is not listed on IDEAS
  9. Beechey, Meredith & Österholm, Pär, 2007. "The Rise and Fall of U.S. Inflation Persistence," Working Paper Series 2007:18, Uppsala University, Department of Economics.
  10. Alogoskoufis, George S & Smith, Ron, 1991. "The Phillips Curve, the Persistence of Inflation, and the Lucas Critique: Evidence from Exchange-Rate Regimes," American Economic Review, American Economic Association, vol. 81(5), pages 1254-75, December.
  11. Nicholas Apergis, 2013. "The Stylized Facts of Greek Inflation: New Evidence on Persistence," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 60(1), pages 51-71, March.
  12. Carlos Robalo Marques, 2005. "Inflation persistence: facts or artefacts?," Economic Bulletin and Financial Stability Report Articles, Banco de Portugal, Economics and Research Department.
  13. Manuela Francisco & Michael Bleaney, 2005. "Inflation Persistence and Exchange Rate Regimes: Evidence from Developing Countries," NIPE Working Papers 1/2005, NIPE - Universidade do Minho.
  14. Burdekin, Richard C K & Siklos, Pierre L, 1999. "Exchange Rate Regimes and Shifts in Inflation Persistence: Does Nothing Else Matter?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 31(2), pages 235-47, May.
  15. Pivetta, Frederic & Reis, Ricardo, 2007. "The persistence of inflation in the United States," Journal of Economic Dynamics and Control, Elsevier, vol. 31(4), pages 1326-1358, April.
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