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Inflation Inertia in Egypt and its Policy Implications

  • Kenji Moriyama
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    This paper investigates the degree of inflation inertia in Egypt and its determinants using the cross country data consisting of over 100 countries. Medium-unbiased estimator of inflation inertia in Egypt is high compared to other countries, as indicated by its location around the upper quartile among the sample. The cross country analysis indicates that counter-cyclical macroeconomic policy and fiscal consolidation are a key to reduce inflation inertia and the costs of disinflation.

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    Paper provided by International Monetary Fund in its series IMF Working Papers with number 11/160.

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    Length: 26
    Date of creation: 01 Jul 2011
    Date of revision:
    Handle: RePEc:imf:imfwpa:11/160
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    1. Rudd, Jeremy & Whelan, Karl, 2003. "Can Rational Expectations Sticky-Price Models Explain Inflation Dynamics," Research Technical Papers 5/RT/03, Central Bank of Ireland.
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    8. de Carvalho Filho, Irineu, 2010. "Inflation Targeting and the Crisis: An Empirical Assessment," MPRA Paper 19960, University Library of Munich, Germany.
    9. Luca Benati, 2008. "Investigating Inflation Persistence Across Monetary Regimes," The Quarterly Journal of Economics, Oxford University Press, vol. 123(3), pages 1005-1060.
    10. Jordi Galí, 2008. "Introduction to Monetary Policy, Inflation, and the Business Cycle: An Introduction to the New Keynesian Framework
      [Monetary Policy, Inflation, and the Business Cycle: An Introduction to the New Ke
      ," Introductory Chapters, Princeton University Press.
    11. Pau Rabanal & Juan F. Rubio-Ramirez, 2003. "Inflation persistence: how much can we explain?," Economic Review, Federal Reserve Bank of Atlanta, issue Q2, pages 43-55.
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