Journal Article

Inflation Dynamics in the CEMAC Region

Carlos Caceres, Marcos Poplawski-Ribeiro and Darlena Tartari

in Journal of African Economies

Volume 22, issue 2, pages 239-275
Published in print March 2013 | ISSN: 0963-8024
Published online November 2012 | e-ISSN: 1464-3723 | DOI: https://dx.doi.org/10.1093/jae/ejs035
Inflation Dynamics in the CEMAC Region

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  • Multiple or Simultaneous Equation Models; Multiple Variables
  • Prices, Business Fluctuations, and Cycles
  • Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook

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This paper analyses inflation dynamics in the Central African Economic and Monetary Community (CEMAC) using a constructed dataset for country-specific commodity price indices and panel cointegrated vector autoregressive models. Imported commodity price shocks are significant in explaining inflation in the region. In most CEMAC countries, the largest effect of global food and fuel prices occurs after four or five quarters in non-core inflation and then decays substantially over time. Second-round effects are significant only in Cameroon and to a lesser extent in the Republic of Congo.

Keywords: E31; E60; C33

Journal Article.  10649 words.  Illustrated.

Subjects: Multiple or Simultaneous Equation Models; Multiple Variables ; Prices, Business Fluctuations, and Cycles ; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook

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