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Inflation Dynamics in Mongolia: Understanding the Roller Coaster

Inflation Dynamics in Mongolia: Understanding the Roller Coaster by Julia Bersch
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Inflation in Mongolia resembles a roller coaster ride with sharp rises and steep drops. Understanding why is critical for formulating and assessing monetary policy. Food prices are found to be a key driver of inflation, and, not surprising given Mongolia’s geography, are determined primarily by local supply conditions, highly seasonal, and subject to large but short-lived shocks (usually weather related). Nonetheless, demand factors are also found to be significant in explaining price movements and empirical evidence suggests that a 10 percent increase in government wages, for example, would push up underlying inflation by 1 percentage point. So, while inflation will remain volatile due to agricultural shocks, there is space for macroeconomic stabilization policy to help reduce inflation volatility.
International Monetary Fund; July 2012
21 pages; ISBN 9781475532678
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Title: Inflation Dynamics in Mongolia: Understanding the Roller Coaster
Author: Julia Bersch; Steven Barnett; Yasuhisa Ojima
 
ISBNs
1475532679
9781475505412
9781475532678
9781475560886