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Inflation, Monetary Policy and Structural Adjustment in Zambia


  • Andersson, Per-Åke

    () (Department of Economics Göteborg University)

  • Sjöö, Boo

    () (University of Skövde, Department of Economic and Political Sciences)


This paper analyses the monetary policy and its impact on the rate of inflation during the economic structural adjustment programs in Zambia during 1987 to 1993. To avoid the Lucas critique, the focus is on a sample period, 1987 to 1993, which is relevant for analysing inflation and monetary policy during adjustment programs. The sample does not include other types of monetary regimes than the ones relevant for analysing the adjustment process. The supply of money and the price level are decomposed into permanent and transitory components. The results suggest that the price level in Zambia was driven by the supply of money, and that the authorities were able to reduce inflation by restricting the money supply process during the adjustment programs.

Suggested Citation

  • Andersson, Per-Åke & Sjöö, Boo, 2002. "Inflation, Monetary Policy and Structural Adjustment in Zambia," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 55(4), pages 425-449.
  • Handle: RePEc:ris:ecoint:0172

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    More about this item


    Inflation; money supply; structural adjustment; cointegration;

    JEL classification:

    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes


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