The paper estimates that the pass-through coefficient of a devaluation to prices paid by consumers in around 20-25% and has a duration of 6 to 8 months, in general. The economic model underlying the estimate follows an adaptive expectations scheme on the free exchange rate, while the associated...

This paper proposes a new measure proxying the degree of anchoring of inflation expectations on an individual forecaster level and studies the co-movement of this measure with expectations regarding monetary policy and different cost-push factors. In doing so, we rely on data taken from the ECB...

In monetary theory, money is typically introduced as an object that can help agents bypass frictions, such as anonymity and limited commitment. Consequently, common wisdom suggests that if agents had access to more unsecured credit these frictions would become less severe and welfare would...

This study investigates the effect of CBDC issuance on economic growth rate and inflation rate in Nigeria. We are interested in determining whether the rate of economic growth and inflation changed significantly after the issuance of a non-interest bearing CBDC in Nigeria. Two-stage least square...

We follow a non-linear dynamic correlation approach using a combination of a DCC-GARCH model and a copula model to capture the dependence between oil price changes and inflation in Tunisia. The case of Tunisia is particularly instructive since, after having been an exporter and a major producer,...

This article addresses the growing gap in the literature between qualitative data on prices and money in France around World War II, and the available CPI. It gathers archival price data to calculate a new CPI for 1938-1949, incorporating both official and black-market prices. The study...

Since the Covid-19 pandemic and the Russia-Ukraine War, global food markets have been in turmoil. Agricultural input and energy prices doubled between 2020 and 2022, with immediate consequences on food accessibility. We examine the drivers of the EU food inflation patterns, and how trade...

This paper analyzes cycles in policy interest rates in 24 advanced economies over 1970–2024, combining a new application of business cycle methodology with rich time-series decompositions of the shocks driving rate movements. “Rate cycles” have gradually evolved over time, with less...

In this article, we use recently developed panel causality and cointegration techniques to examine the long-term relationship between inflation and economic growth in the 8 WAEMU countries. A panel of 256 observations was thus constituted from the IMF (WDI) and CBWAS database. Our results...

The depreciation of the national currency, the higher wage costs passed on to prices and the growing external debt, has characterized the Tunisian economy for almost a decade. In this context we investigate its inflation dynamics to understand which variables affects it in the short and the long...