TY  - BOOK
AU  - Zoli,Edda
TI  - Commodity Price Volatility, Cyclical Fluctuations, and Convergence: What is Ahead for Inflation in Emerging Europe? 
T2  - IMF Working Papers; Working Paper
SN  - 1451871899 :
SN  - 1018-5941
PY  - 2009///
CY  - Washington, D.C.
PB  - International Monetary Fund
KW  - Inflation Response
KW  - imf
KW  - Price Convergence
KW  - Price Inflation
KW  - Price Level
KW  - Bulgaria
KW  - Macedonia, Former Yugoslav Republic of
KW  - Slovak Republic
KW  - Turkey
KW  - Ukraine
N2  - 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
UR  - http://elibrary.imf.org/view/IMF001/09960-9781451871890/09960-9781451871890/09960-9781451871890.xml
UR  - http://www.imfbookstore.org/IMFORG/9781451871890
ER  -