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Inflation and Monetary Pass-Through in Guinea
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ISBN: 1462315356 1452781311 1283517310 1451919921 9786613829764 Year: 2004 Publisher: Washington, D.C. : International Monetary Fund,

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Abstract

The paper analyzes the dynamics of inflation in Guinea during 1992-2003 applying cointegration and error-correction modeling to a bivariate model that includes consumer price and monetary variables. The empirical results, based on quarterly data, confirm the existence of a long-run relationship between money supply and consumer prices. This paper argues further that the pass-through has increased in recent years. Short-term dynamics are shown to accentuate the long-run impact. Impulse response analysis shows that a shock in the money stock will have an increasing impact over two years and will then stabilize at a higher level.

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