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This guidance note describes how to use the Excel-based template developed by the Fiscal Affairs Department (FAD) of the IMF accompanying the note “How to Design a Fiscal Strategy in a Resource-Rich Country.” This template uses data inputs to generate simulations of fiscal policy dynamics. It helps IMF teams and country authorities in RRCs analyze trade-offs associated with alternative fiscal strategies for the use of public resource wealth. Visualizing these trade-offs and assessing their sensitivity to underlying macroeconomic assumptions can help inform policymakers on the most appropriate fiscal strategy, given country-specific circumstances.

Fiscal policy. --- Commodity price indexes --- Deflation --- Fiscal governance --- Fiscal multipliers --- Fiscal Policy --- Fiscal policy --- Inflation --- Macro-fiscal framework --- Macroeconomics --- Price indexes --- Price Level --- Public Finance

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The purpose of the mission was to assist the National Statistics Office of Georgia (Geostat) with continuing its modernization of the Consumer Price Index (CPI). This was the first technical assistance (TA) mission to Georgia to specifically focus on scanner data (SD). Two earlier missions on the residential property price index (RPPI) (September 23–October 4, 2019, and November 30–December 4, 2020) already provided initial guidance and addressed the planned modernization of the CPI using SD. The mission was delivered remotely, and the sessions were recorded for future reference.

Money and Monetary Policy --- International Economics --- Macroeconomics --- Monetary Policy --- International Agreements and Observance --- International Organizations --- Price Level --- Inflation --- Deflation --- Monetary economics --- International institutions --- Monetary policy --- International organization --- Consumer price indexes --- Prices --- International agencies --- Price indexes --- Georgia

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Consumer price indexes --- Prices --- Inflation (Finance) --- Statistical methods. --- Finance --- Natural rate of unemployment --- Commercial products --- Commodity prices --- Justum pretium --- Price theory --- Consumption (Economics) --- Cost --- Costs, Industrial --- Money --- Cost and standard of living --- Supply and demand --- Value --- Wages --- Willingness to pay --- Consumer price index --- Cost of living indexes --- CPIs (Consumer price indexes) --- Retail price indexes --- Price indexes --- European Union. --- EU Member State. --- economic conditions. --- inflation. --- comparative analysis. --- price index.

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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.

Macroeconomics --- Economics: General --- Inflation --- Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data) --- Price Level --- Deflation --- Taxation and Subsidies: Externalities --- Redistributive Effects --- Environmental Taxes and Subsidies --- Energy: Demand and Supply --- Prices --- Economic & financial crises & disasters --- Economics of specific sectors --- Fuel prices --- Consumer price indexes --- Consumer prices --- Oil prices --- Currency crises --- Informal sector --- Economics --- Price indexes --- Nigeria

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This paper focuses on identifying potential asymmetric responses of non-commodity output growth in times of positive and negative commodity terms-of-trade shocks. Using a sample of 27 oil-exporting countries and a panel VAR method, the study finds: 1) the short-and medium-run response of real non-commodity GDP growth is larger for negative shocks than positive shocks; 2) this asymmetry is more pronounced in countries with weak pre-existing fundamentals–high levels of public debt and low levels of international reserves–which also serve to amplify the volatility of the response; 3) the output response to positive shocks is stronger following a sustained period of CTOT increases, while the impact of negative shocks on output are more damaging when they occur after a period of CTOT decline.

Central African Republic --- Macroeconomics --- Economics: General --- International Economics --- Investments: Commodities --- Investments: Energy --- Foreign Exchange --- Informal Economy --- Underground Econom --- Commodity Markets --- Price Level --- Inflation --- Deflation --- Energy: General --- Economic & financial crises & disasters --- Economics of specific sectors --- Investment & securities --- Commodity prices --- Prices --- Commodities --- Commodity price indexes --- Commodity price fluctuations --- Oil --- Currency crises --- Informal sector --- Economics --- Commercial products --- Price indexes --- Petroleum industry and trade