05175oam 22010934 450 991078648220332120230801225400.01-4755-2354-81-4755-5175-4(CKB)2670000000278816(EBL)1606985(SSID)ssj0000940771(PQKBManifestationID)11532941(PQKBTitleCode)TC0000940771(PQKBWorkID)10956007(PQKB)11103457(Au-PeEL)EBL1606985(CaPaEBR)ebr10627037(OCoLC)809810518(MiAaPQ)EBC1606985(IMF)WPIEE2012225(IMF)WPIEA2012225(EXLCZ)99267000000027881620020129d2012 uf 0engur|n|---|||||txtccrInflation Responses to Commodity Price Shocks : How and Why Do Countries Differ? /Gaston Gelos, Yulia UstyugovaWashington, D.C. :International Monetary Fund,2012.1 online resource (33 p.)IMF Working PapersDescription based upon print version of record.1-4755-9308-2 1-4755-1024-1 Includes bibliographical references.Cover; Contents; I. Introduction and Summary; II. Literature Review; III. Data; Structural characteristics; Monetary and exchange-rate regimes; Possible presence of fiscal dominance; Governance; Business cycle factors; Policy reactions; IV. Does Inflation Revert to Core Inflation or Vice Versa?; V. Phillips-Curve Estimations; Panel estimations; Tables; 1. Phillips Curves-Panel Estimations; VI. The 2008 Commodity-Price Shock; Changes in headline inflation; Changes in core inflation; 2. Change in Headline Inflation around 2008 Shock; 3. Change in Core Inflation around 2008 ShockVII. ConclusionsReferences; Appendices; I. List of Countries Included; II. Data SourcesThis paper relates the inflationary impact of commodity price shocks across countries to a broad range of structural characteristics and policy frameworks over the period 2001-2010, using several approaches. The analysis suggests that economies with higher food shares in CPI baskets, fuel intensities, and pre-existing inflation levels were more prone to experience sustained inflationary effects from commodity price shocks. Countries with more independent central banks and higher governance scores seem to have contained the impact of these shocks better. The effect of the presence of inflation targeting regimes, however, appears very modest and not evident during the 2008 food price shock.The evidence suggests that trade openness, financial development, dollarization, and labor market flexibility do not significantly influence the way in which domestic inflation responds to international commodity price shocks.IMF Working Papers; Working Paper ;No. 2012/225Commodity controlInflation (Finance)InflationimfMacroeconomicsimfMoney and Monetary PolicyimfProduction and Operations ManagementimfPrice LevelimfDeflationimfOpen Economy MacroeconomicsimfMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralimfMonetary PolicyimfMacroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: GeneralimfCommodity MarketsimfMacroeconomics: ProductionimfMonetary economicsimfCommodity price shocksimfCommodity pricesimfInflation targetingimfOutput gapimfPricesimfMonetary policyimfProductionimfEconomic theoryimfCommodity control.Inflation (Finance)InflationMacroeconomicsMoney and Monetary PolicyProduction and Operations ManagementPrice LevelDeflationOpen Economy MacroeconomicsMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralMonetary PolicyMacroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: GeneralCommodity MarketsMacroeconomics: ProductionMonetary economicsCommodity price shocksCommodity pricesInflation targetingOutput gapPricesMonetary policyProductionEconomic theoryGelos Gaston1465377Ustyugova Yulia1578636DcWaIMFBOOK9910786482203321Inflation Responses to Commodity Price Shocks3858209UNINA