| Description |
1 online resource (29 pages) : illustrations |
| Series |
IMF working paper ; WP/04/229 |
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IMF working paper ; WP/04/229.
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| Contents |
Contents -- I. INTRODUCTION -- II. MONETARY POLICY AND PRICE DEVELOPMENTS IN ARMENIA�A BACKGROUND -- III. THE MODEL -- IV. CONCLUSIONS -- References -- Appendix Chronology of Key Events in the Monetary and Financial Sector |
| Summary |
This paper is the first attempt to look at inflation dynamics and monetary transmission mechanisms in Armenia in the context of a full information model containing three interrelated markets: foreign exchange, money, and labor. Using the vector error correction model (VECM) approach, we find that the exchange rate pass-through to prices is very strong relative to credit, wage, and interest rate channels. The analysis suggests a relatively fast adjustment of prices to long-run disequilibria in the exchange rate market, albeit with initial overshooting of the price level. In addition, we find no evidence of prices responding to changes in money and wages in a statistically significant manner |
| Bibliography |
Includes bibliographical references (pages 26-27) |
| Notes |
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 MiAaHDL |
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English |
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digitized 2010 HathiTrust Digital Library committed to preserve pda MiAaHDL |
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Print version record |
| Subject |
Foreign exchange rates -- Armenia
|
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Inflation (Finance) -- Armenia
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Monetary policy -- Armenia -- Econometric models
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Foreign exchange rates
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Inflation (Finance)
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Monetary policy -- Econometric models
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Armenia
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| Form |
Electronic book
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| Author |
Khachatryan, Armine, author.
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Sargsyan, Grigor, 1920- author
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International Monetary Fund. Middle East and Central Asia Department, issuing body.
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| ISBN |
1282590219 |
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9781282590212 |
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9781451875508 |
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1451875509 |
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9781451920109 |
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1451920105 |
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1462383963 |
|
9781462383962 |
|
1452739935 |
|
9781452739939 |
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9786613822611 |
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6613822612 |
|
