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As Albania has succeeded in reducing inflation to very low levels, understanding the driving forces behind the behavior of the price level becomes increasingly important for policy design. In particular, persistent changes in relative prices may contribute to movements of the aggregate price level, and policymakers need to decide to what extent such effects should be accommodated. The present study provides insight into the nature and extent of relative price adjustments during the transition period, and argues that some of their inflationary effects should not be resisted.

Inflation --- Macroeconomics --- Money and Monetary Policy --- Price Level --- Deflation --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Monetary economics --- Price adjustments --- Monetary base --- Consumer price indexes --- Price controls --- Prices --- Money --- Money supply --- Price indexes --- Government policy --- Albania

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Regional monetary integration, financial liberalization, and the adoption of indirect policy instruments have changed the conditions for monetary policy in the West African Economic and Monetary Union (WAEMU). The stability of money demand has become a crucial element for monetary policy. This paper presents empirical money demand estimations for regional monetary aggregates and analyzes their stability and forecast performance. The estimations result in a stable relationship for narrow money (M1). Consequently, the region’;s central bank, the BCEAO, can continue to conduct monetary policy in line with the fixed exchange rate system if it succeeds in maintaining financial stability.

Banks and Banking --- Foreign Exchange --- Inflation --- Money and Monetary Policy --- Macroeconomics --- Demand for Money --- Central Banks and Their Policies --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Price Level --- Deflation --- Personal Income, Wealth, and Their Distributions --- Monetary economics --- Currency --- Foreign exchange --- Banking --- Demand for money --- Exchange rate adjustments --- Currencies --- Money --- Prices --- Personal income --- National accounts --- Banks and banking --- Income --- United States

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Zonder onderwerpscode: financiewezen

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Zonder onderwerpscode: financiewezen

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Zonder onderwerpscode: financiewezen