Arbeitspapier
The Transmission of Oil and Food Prices to Consumer Prices – Evidence for the MENA Countries
This paper investigates the effects of global oil and food price shocks to consumer prices in Middle East-North African (MENA) countries using threshold cointegration methods. Oil and food price shocks increase domestic prices in the long run, whereby the impact of food prices dominates. While global prices are weakly exogenous, consumer prices respond to deviations from the equilibrium relationship. The short run adjustment pattern exhibits asymmetries and is particularly strong after positive shocks. Downward rigidities on wages may play a crucial role in this regard, as the relatively weak reactions of consumer prices after negative shocks are related to labour market institutions and public subsidies. The more rigid the regulations the more pronounced are the asymmetries. Robustness checks show that international price shocks do not aff ect GDP growth.
- ISBN
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978-3-86788-505-8
- Language
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Englisch
- Bibliographic citation
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Series: Ruhr Economic Papers ; No. 448
- Classification
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Wirtschaft
Single Equation Models; Single Variables: Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
Price Level; Inflation; Deflation
Commodity Markets
- Subject
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oil and food price transmission
asymmetric error correction
MENA region
- Event
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Geistige Schöpfung
- (who)
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Belke, Ansgar
Dreger, Christian
- Event
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Veröffentlichung
- (who)
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Rheinisch-Westfälisches Institut für Wirtschaftsforschung (RWI)
- (where)
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Essen
- (when)
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2013
- DOI
-
doi:10.4419/86788505
- Handle
- Last update
-
10.12.0001, 2:44 PM CET
Data provider
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ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Belke, Ansgar
- Dreger, Christian
- Rheinisch-Westfälisches Institut für Wirtschaftsforschung (RWI)
Time of origin
- 2013
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