LEADER 05175oam 22010934 450 001 9910786482203321 005 20230801225400.0 010 $a1-4755-2354-8 010 $a1-4755-5175-4 035 $a(CKB)2670000000278816 035 $a(EBL)1606985 035 $a(SSID)ssj0000940771 035 $a(PQKBManifestationID)11532941 035 $a(PQKBTitleCode)TC0000940771 035 $a(PQKBWorkID)10956007 035 $a(PQKB)11103457 035 $a(Au-PeEL)EBL1606985 035 $a(CaPaEBR)ebr10627037 035 $a(OCoLC)809810518 035 $a(MiAaPQ)EBC1606985 035 $a(IMF)WPIEE2012225 035 $a(IMF)WPIEA2012225 035 $a(EXLCZ)992670000000278816 100 $a20020129d2012 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aInflation Responses to Commodity Price Shocks : $eHow and Why Do Countries Differ? /$fGaston Gelos, Yulia Ustyugova 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2012. 215 $a1 online resource (33 p.) 225 1 $aIMF Working Papers 300 $aDescription based upon print version of record. 311 $a1-4755-9308-2 311 $a1-4755-1024-1 320 $aIncludes bibliographical references. 327 $aCover; 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 Shock 327 $aVII. ConclusionsReferences; Appendices; I. List of Countries Included; II. Data Sources 330 3 $aThis paper relates the inflationary impact of commodity price shocks across countries to a broad range of structural characteristics and policy frameworks over the period 2001-2010, using several approaches. The analysis suggests that economies with higher food shares in CPI baskets, fuel intensities, and pre-existing inflation levels were more prone to experience sustained inflationary effects from commodity price shocks. Countries with more independent central banks and higher governance scores seem to have contained the impact of these shocks better. The effect of the presence of inflation targeting regimes, however, appears very modest and not evident during the 2008 food price shock.The evidence suggests that trade openness, financial development, dollarization, and labor market flexibility do not significantly influence the way in which domestic inflation responds to international commodity price shocks. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2012/225 606 $aCommodity control 606 $aInflation (Finance) 606 $aInflation$2imf 606 $aMacroeconomics$2imf 606 $aMoney and Monetary Policy$2imf 606 $aProduction and Operations Management$2imf 606 $aPrice Level$2imf 606 $aDeflation$2imf 606 $aOpen Economy Macroeconomics$2imf 606 $aMonetary Policy, Central Banking, and the Supply of Money and Credit: General$2imf 606 $aMonetary Policy$2imf 606 $aMacroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: General$2imf 606 $aCommodity Markets$2imf 606 $aMacroeconomics: Production$2imf 606 $aMonetary economics$2imf 606 $aCommodity price shocks$2imf 606 $aCommodity prices$2imf 606 $aInflation targeting$2imf 606 $aOutput gap$2imf 606 $aPrices$2imf 606 $aMonetary policy$2imf 606 $aProduction$2imf 606 $aEconomic theory$2imf 615 0$aCommodity control. 615 0$aInflation (Finance) 615 7$aInflation 615 7$aMacroeconomics 615 7$aMoney and Monetary Policy 615 7$aProduction and Operations Management 615 7$aPrice Level 615 7$aDeflation 615 7$aOpen Economy Macroeconomics 615 7$aMonetary Policy, Central Banking, and the Supply of Money and Credit: General 615 7$aMonetary Policy 615 7$aMacroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: General 615 7$aCommodity Markets 615 7$aMacroeconomics: Production 615 7$aMonetary economics 615 7$aCommodity price shocks 615 7$aCommodity prices 615 7$aInflation targeting 615 7$aOutput gap 615 7$aPrices 615 7$aMonetary policy 615 7$aProduction 615 7$aEconomic theory 700 $aGelos$b Gaston$01465377 701 $aUstyugova$b Yulia$01578636 801 0$bDcWaIMF 906 $aBOOK 912 $a9910786482203321 996 $aInflation Responses to Commodity Price Shocks$93858209 997 $aUNINA