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How Large and Persistent is the Response of Inflation to Changes in Retail Energy Prices?
We estimate the dynamic effects of changes in retail energy prices on inflation using a novel monthly database, covering 110 countries over 2000:M1 to 2016:M6. We find that (i) inflation responds positively to retail energy price shocks, with effects being, on average, modest and transitory. However, our results suggest significant heterogeneity in the response of inflation to these shocks owing to differences in factors related to labor market flexibility, energy intensity, and monetary policy credibility. We also find compelling evidence of asymmetric effects—under sufficiently large shocks—in the case of high-income and low-income countries, with increases in retail fuel prices inducing larger effects on inflation than decreases in fuel prices.
The Role of the Exchange Rate in Inflation-Targeting Emerging Economies
This paper explores the role of exchange rates in emerging economies with inflation-targeting regimes, an issue that has become especially germane during the current episode of financial turmoil and volatile capital flows. Under inflation targeting, the interest rate is the main monetary policy tool for influencing activity and inflation, and there is little agreement about the appropriate role of the exchange rate.The exchange rate is a more important monetary policy tool for emerging economies that have adopted inflation targeting than it is for inflation-targeting advanced economies. Inflation-targeting emerging economies generally have less flexible exchange rate arrangements and interve...
Final Act
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Haiti Fights Back
Haiti Fights Back: The Life and Legacy of Charlemagne Péralte is the first US study of the politician and caco leader (guerrilla fighter) who fought against the US occupation of Haiti from 1915-1934. Alexis locates rare multilingual sources from both nations and documents Péralte's political movement and citizens' protests. The interdisciplinary work offers a new approach to studies of the US invasion period by documenting how Caribbean people fought back.
