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Inflation Experiences in Latin America, 2007-2008

Author

Listed:
  • Mark Weisbrot
  • David Rosnick

Abstract

This paper looks briefly at the recent inflation experiences of ten Latin American countries: Brazil, Mexico, Venezuela, Colombia, Chile, Peru, Ecuador, Guatemala, the Dominican Republic, and Bolivia. The authors construct a core inflation index (excluding food and energy), and look at three-month changes in both headline and core inflation. The paper focuses on the increase in inflation from April 2007 to July 2008, driven by a surge in food and energy prices worldwide. These prices have since dropped considerably. The authors conclude that macroeconomic policy that does not take into account the temporary nature of these price shocks may result in an unnecessary slowing of growth, with reduced output and employment.

Suggested Citation

  • Mark Weisbrot & David Rosnick, 2009. "Inflation Experiences in Latin America, 2007-2008," CEPR Reports and Issue Briefs 2009-05, Center for Economic and Policy Research (CEPR).
  • Handle: RePEc:epo:papers:2009-05
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    File URL: http://www.cepr.net/documents/publications/inflation-latin-america-2009-02.pdf
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    More about this item

    Keywords

    Latin America; Inflation;

    JEL classification:

    • E - Macroeconomics and Monetary Economics
    • E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
    • O - Economic Development, Innovation, Technological Change, and Growth
    • O54 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Latin America; Caribbean

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