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Journal of African Economies Advance Access originally published online on February 20, 2008
Journal of African Economies 2008 17(5):729-746; doi:10.1093/jae/ejn002
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© The author 2008. Published by Oxford University Press on behalf of the Centre for the Study of African Economies. All rights reserved. For permissions, please email: journals.permissions@oxfordjournals.org

Sources of Inflation in Sub-Saharan Africa

Régis Barnichon* and Shanaka J. Peiris

International Monetary Fund, Washington, D.C. 20431, USA

* Corresponding author: Régis Barnichon, International Monetary Fund, Washington, D.C. 20431, USA, e-mail: rbarnichon{at}imf.org

This paper explores the sources of inflation in Sub-Saharan Africa by examining the relationship between inflation, the output gap and the real money gap. Using heterogeneous panel co-integration estimation techniques, we estimate co-integrating vectors for the production function and the real money demand function to recover the structural output and money gaps for 17 African countries. The central finding is that both gaps contain significant information regarding the evolution of inflation, albeit with a larger role played by the money gap. There is no significant evidence of asymmetry in the relationship.

JEL classification: E3, E5, O4


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