Exchange Rate, Second Round Effects and Inflation Processes - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Exchange Rate, Second Round Effects and Inflation Processes write by Eliphas Ndou. This book was released on 2019-04-23. Exchange Rate, Second Round Effects and Inflation Processes available in PDF, EPUB and Kindle. This book focuses on the exchange rate pass-through (ERPT), second round effects and the inflation process in South Africa. The authors demonstrate that magnitudes of the second round effects of the exchange rate depreciation and oil price shocks depend on inflation regimes. The impact of positive oil price shocks on inflation is weakened by monetary policy credibility. Evidence shows the influence of oil price on unit labour costs and correlation between exchange rate changes and inflation has weakened. In addition, ERPT is reduced by low business and consumer confidence, high trade openness, low inflation and high exchange rate volatility which weaken real economic activity. Both monetary and fiscal policy credibility lowers the sizes of ERPT to inflation and inflation expectations. Fiscal policy via fuel levies, administered prices and public transport inflation channel impacts the responses of monetary policy to inflation shocks. The authors show that second round effects contribute very little to wage inflation following an exchange rate depreciation shock. Both lending rate and household consumption responds asymmetrical to repo rate changes. This book will appeal to policymakers, students, academics and analysts.
Exchange Rate Movements, Inflation Expectations, and Currency Substitution in Turkey
Exchange Rate Movements, Inflation Expectations, and Currency Substitution in Turkey - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Exchange Rate Movements, Inflation Expectations, and Currency Substitution in Turkey write by Mr.Fabio Scacciavillani. This book was released on 1995-11-01. Exchange Rate Movements, Inflation Expectations, and Currency Substitution in Turkey available in PDF, EPUB and Kindle. This paper contains an empirical analysis of currency substitution in Turkey: a simple relationship between the share of foreign currency holdings in M2X on one side and movements in the exchange rate or inflation on the other is derived from a two-stage portfolio choice model. This relationship is estimated by band spectrum regression which allows to remove from the data the short-term cyclical components. The results show that the relationship between currency substitution depends mainly on long-term movements in the exchange rate, while the effect of inflation on currency substitution is not statistically significant.
Second-Round Effects of Oil Price Shocks -- Implications for Europe’s Inflation Outlook
Second-Round Effects of Oil Price Shocks -- Implications for Europe’s Inflation Outlook - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Second-Round Effects of Oil Price Shocks -- Implications for Europe’s Inflation Outlook write by Chikako Baba. This book was released on 2022-09-09. Second-Round Effects of Oil Price Shocks -- Implications for Europe’s Inflation Outlook available in PDF, EPUB and Kindle. The pass-through effects of oil price shocks on wage and consumer price inflation vary with the states or structural characteristics of an economy. The effects have declined over time in Europe and been higher in emerging European economies than in advanced economies. The pass-through to wages is found to have been higher when the prevailing level of inflation was higher or when the degrees of unionization and centralized bargaining were higher, while lower under a higher credibility of monetary policy. The effects of oil price shocks on core inflation and inflation expectations are consistent with their effects on wages.
Exchange Rate Effects and Inflation Targeting in a Small Open Economy
Exchange Rate Effects and Inflation Targeting in a Small Open Economy - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Exchange Rate Effects and Inflation Targeting in a Small Open Economy write by Reserve Bank of New Zealand. This book was released on 1999. Exchange Rate Effects and Inflation Targeting in a Small Open Economy available in PDF, EPUB and Kindle.
Inflation in Emerging and Developing Economies
Inflation in Emerging and Developing Economies - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Inflation in Emerging and Developing Economies write by Jongrim Ha. This book was released on 2019-02-24. Inflation in Emerging and Developing Economies available in PDF, EPUB and Kindle. This is the first comprehensive study in the context of EMDEs that covers, in one consistent framework, the evolution and global and domestic drivers of inflation, the role of expectations, exchange rate pass-through and policy implications. In addition, the report analyzes inflation and monetary policy related challenges in LICs. The report documents three major findings: In First, EMDE disinflation over the past four decades was to a significant degree a result of favorable external developments, pointing to the risk of rising EMDE inflation if global inflation were to increase. In particular, the decline in EMDE inflation has been supported by broad-based global disinflation amid rapid international trade and financial integration and the disruption caused by the global financial crisis. While domestic factors continue to be the main drivers of short-term movements in EMDE inflation, the role of global factors has risen by one-half between the 1970s and the 2000s. On average, global shocks, especially oil price swings and global demand shocks have accounted for more than one-quarter of domestic inflation variatio--and more in countries with stronger global linkages and greater reliance on commodity imports. In LICs, global food and energy price shocks accounted for another 12 percent of core inflation variatio--half more than in advanced economies and one-fifth more than in non-LIC EMDEs. Second, inflation expectations continue to be less well-anchored in EMDEs than in advanced economies, although a move to inflation targeting and better fiscal frameworks has helped strengthen monetary policy credibility. Lower monetary policy credibility and exchange rate flexibility have also been associated with higher pass-through of exchange rate shocks into domestic inflation in the event of global shocks, which have accounted for half of EMDE exchange rate variation. Third, in part because of poorly anchored inflation expectations, the transmission of global commodity price shocks to domestic LIC inflation (combined with unintended consequences of other government policies) can have material implications for poverty: the global food price spikes in 2010-11 tipped roughly 8 million people into poverty.
