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Commodity price volatility, cyclical fluctuations, and convergence : what is ahead for inflation in emerging Europe? / / prepared by Edda Zoli



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Autore: Zoli Edda Visualizza persona
Titolo: Commodity price volatility, cyclical fluctuations, and convergence : what is ahead for inflation in emerging Europe? / / prepared by Edda Zoli Visualizza cluster
Pubblicazione: [Washington D.C.], : International Monetary Fund, 2009
Edizione: 1st ed.
Descrizione fisica: 1 online resource (21 p.)
Disciplina: 338.278
Soggetto topico: Primary commodities - Prices - Europe
Inflation (Finance) - Europe
Note generali: Description based upon print version of record.
Nota di bibliografia: Includes bibliographical references.
Nota di contenuto: Contents; I. Introduction; Figures; 1. Headline Inflation; II. VAR analysis; 2. Variance Decomposition of Headline Inflation; Tables; 1: Response of Domestic Energy Inflation to International Oil Price Inflation Shocks; 2. Response of Domestic Food Inflation to International Food Price Inflation Shocks; III. Panel Estimation; 3. Response of Core Inflation to Shocks to Domestic Food and Energy Price Inflation; 4. Panel Regression Results; IV. Conclusion: What is Ahead for Inflation in Emerging Europe?; Appendixes; 1. Variable Definition and Data Sources; 2. Other Panel Results; References
Sommario/riassunto: This paper assesses the role of international commodity prices, cyclical fluctuations, and convergence in driving inflation in 18 European emerging economies. Country specific VARs and panel estimates indicate that international commodity price shocks have a significant impact on domestic inflation, but the inflation response is asymmetric for positive and negative shocks. Cyclical fluctuations explain a relative small share of inflation variability, and the inflation response is asymmetric during upturns and downturns. Price convergence is estimated to add nearly 3 percentage points to headline inflation, for the average country whose price level is about 50 percent relative to the EU-15 average.
Titolo autorizzato: Commodity Price Volatility, Cyclical Fluctuations, and Convergence  Visualizza cluster
ISBN: 1-4623-8100-6
1-4527-4906-X
9786612842634
1-282-84263-3
1-4518-7189-9
Formato: Materiale a stampa
Livello bibliografico Monografia
Lingua di pubblicazione: Inglese
Record Nr.: 9910825900903321
Lo trovi qui: Univ. Federico II
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Serie: IMF working paper ; ; WP/09/41.