Explaining Inflation in Colombia : A Disaggregated Phillips Curve Approach /

We study inflation dynamics in Colombia using a bottom-up Phillips curve approach. This allows us to capture the different drivers of individual inflation components. We find that the Phillips curve is relatively flat in Colombia but steeper than recent estimates for the U.S. Supply side shocks play...

সম্পূর্ণ বিবরণ

গ্রন্থ-পঞ্জীর বিবরন
প্রধান লেখক: Lanau, Sergi
অন্যান্য লেখক: Robles, Adrian, Toscani, Frederik
বিন্যাস: পত্রিকা
ভাষা:English
প্রকাশিত: Washington, D.C. : International Monetary Fund, 2018.
মালা:IMF Working Papers; Working Paper ; No. 2018/106
অনলাইন ব্যবহার করুন:Full text available on IMF
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100 1 |a Lanau, Sergi. 
245 1 0 |a Explaining Inflation in Colombia :   |b A Disaggregated Phillips Curve Approach /  |c Sergi Lanau, Adrian Robles, Frederik Toscani. 
264 1 |a Washington, D.C. :  |b International Monetary Fund,  |c 2018. 
300 |a 1 online resource (29 pages) 
490 1 |a IMF Working Papers 
500 |a <strong>Off-Campus Access:</strong> No User ID or Password Required 
500 |a <strong>On-Campus Access:</strong> No User ID or Password Required 
506 |a Electronic access restricted to authorized BRAC University faculty, staff and students 
520 3 |a We study inflation dynamics in Colombia using a bottom-up Phillips curve approach. This allows us to capture the different drivers of individual inflation components. We find that the Phillips curve is relatively flat in Colombia but steeper than recent estimates for the U.S. Supply side shocks play an important role for tradable and food prices, while indexation dynamics are important for non-tradable goods. We show that besides allowing for a more detailed understanding of inflation drivers, the bottom-up approach also improves on an aggregate Phillips curve in terms of forecasting ability. In the baseline forecast scenario, both headline and core inflation converge towards the Central Bank's inflation target of 3 percent by end-2018 but these favorable inflation dynamics are vulnerable to large supply shocks. 
538 |a Mode of access: Internet 
700 1 |a Robles, Adrian. 
700 1 |a Toscani, Frederik. 
830 0 |a IMF Working Papers; Working Paper ;  |v No. 2018/106 
856 4 0 |z Full text available on IMF  |u http://elibrary.imf.org/view/journals/001/2018/106/001.2018.issue-106-en.xml  |z IMF e-Library