Inflation dynamics in a small emerging market

Oral Williams and Olumuyiwa Adedeji

Applied Economics, 2007, vol. 39, issue 4, 407-414

Abstract: This study investigates the determinants of inflation in the Dominican Republic during 1991 to 2002, a period characterized by remarkable macroeconomic stability and growth. By developing a parsimonious and empirically stable error correction model using quarterly observations, the study finds that inflation is explained by changes in monetary aggregates, real output, foreign inflation and the exchange rate. Long-run relationships in the money and traded goods markets are found to exist, but only the disequilibrium from the money market exerts a significant impact on inflation.

Date: 2007
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DOI: 10.1080/00036840500439085

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