this is primarily a consequence of rising real per capita income, which more than doubled over the same period. We … investigate this hypothesis empirically by instrumenting for local area income with time-series variation in global oil prices … an increase in income on health expenditures. Our central estimate is an income elasticity of 0.7, with an elasticity of …

sharp fall in oil revenue combines with foreign exchange rationing to produce a steep rise in inflation. Counter intuitively …, a devaluation of the official exchange rate could temporarily reduce inflation. The model also explains how the hyper …

sharp fall in oil revenue combines with foreign exchange rationing to produce a steep rise in inflation. Counterintuitively …, a devaluation of the official exchange rate could temporarily reduce inflation. The model also explains how the hyper …

inflation and rising inflation expectations for years to come. We show that these concerns have been overstated. A $100 oil … scenario of the type discussed by many observers, would only briefly raise monthly headline inflation, before fading rather … quickly. However, the short-run effects on headline inflation would be sizable. For example, on a year-over-year basis …

inflation and rising inflation expectations for years to come. We show that these concerns have been overstated. A $100 oil … scenario of the type discussed by many observers, would only briefly raise monthly headline inflation, before fading rather … quickly. However, the short-run effects on headline inflation would be sizable. For example, on a yearover-year basis …