Hidden Bibliographic Details
| Other authors / contributors: | Ustyugova, Yulia.
International Monetary Fund. Western Hemisphere Department.
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| ISBN: | 1475593082
9781475593082
1475510241
9781475510249
1475551754
9781475551754
9781475510249
9781475551754
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| Digital file characteristics: | data file
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| Notes: | Title from PDF title page (IMF Web site, viewed September 12, 2012).
"Western Hemisphere Department."
"September 2012."
Includes bibliographical references.
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| Summary: | This 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.
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| Standard no.: | 10.5089/9781475593082.001
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