A Model for Full-Fledged Inflation Targeting and Application to Ghana
A Model for Full-Fledged Inflation Targeting and Application to Ghana

Author: Jihad Dagher

Publisher: International Monetary Fund

Published: 2010-01-01

Total Pages: 32

ISBN-13: 1451962444

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A model in which monetary policy pursues full-fledged inflation targeting adapts well to Ghana. Model features include: endogenous policy credibility; non-linearities in the inflation process; and a policy loss function that aims to minimize the variability of output and the interest rate, as well as deviations of inflation from the long-term low-inflation target. The optimal approach from initial high inflation to the ultimate target is gradual; and transitional inflation-reduction objectives are flexible. Over time, as policy earns credibility, expectations of inflation converge towards the long-run target, the output-inflation variability tradeoff improves, and optimal policy responses to shocks moderate.

The Determinants of Price Fluctuations in Ghana
The Determinants of Price Fluctuations in Ghana

Author: Kodwo Ewusi

Publisher:

Published: 1977

Total Pages: 60

ISBN-13:

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Research report on the determinants of inflation in Ghana from 1955 to 1975 - discusses the development of consumer prices, price indexes, income structure, deficit financing, money supply, balance of payments, etc. Bibliography pp. 50 to 54, references and statistical tables.

Deficit Financing, Inflation and Capital Formation
Deficit Financing, Inflation and Capital Formation

Author: Naseem Ahmad

Publisher:

Published: 1970

Total Pages: 172

ISBN-13:

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Monograph on deficit financing, inflation and capital formation in Ghana from 1960 to 1965 - covers the balance of payments, monetary policy, etc., and analyses the fact that economic development showed a loss of momentum in this period despite a high rate of public investment. Bibliography pp. 152 to 156 references and statistical tables.

The Distributional Implications of the Impact of Fuel Price Increases on Inflation
The Distributional Implications of the Impact of Fuel Price Increases on Inflation

Author: Mr. Kangni R Kpodar

Publisher: International Monetary Fund

Published: 2021-11-12

Total Pages: 34

ISBN-13: 1616356154

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This paper investigates the response of consumer price inflation to changes in domestic fuel prices, looking at the different categories of the overall consumer price index (CPI). We then combine household survey data with the CPI components to construct a CPI index for the poorest and richest income quintiles with the view to assess the distributional impact of the pass-through. To undertake this analysis, the paper provides an update to the Global Monthly Retail Fuel Price Database, expanding the product coverage to premium and regular fuels, the time dimension to December 2020, and the sample to 190 countries. Three key findings stand out. First, the response of inflation to gasoline price shocks is smaller, but more persistent and broad-based in developing economies than in advanced economies. Second, we show that past studies using crude oil prices instead of retail fuel prices to estimate the pass-through to inflation significantly underestimate it. Third, while the purchasing power of all households declines as fuel prices increase, the distributional impact is progressive. But the progressivity phases out within 6 months after the shock in advanced economies, whereas it persists beyond a year in developing countries.