Inflation and Macroeconomic Instability in Madagascar

J.P. Azam

Working Papers Series from Centre for the Study of African Economies, University of Oxford

Abstract: The relationships between inflation and macro-economic instability are discussed analytically, using a simple monetary model with rational expectations, with an application to the case of Madagascar. The recent macroeconomic history of this country suggests that high inflation is correlated with high volatility of the inflation rate and the real effective exchange rate. The relevance of this observation is confirmed by an empirical analysis of the relationships between inflation, competitiveness and instability in Madagascar.

Keywords: INFLATION; MONETARY POLICY; ECONOMIC MODELS (search for similar items in EconPapers)
JEL-codes: O55 E60 E63 (search for similar items in EconPapers)
Date: 2001
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