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What Drives Prices in Egypt?An Analysis in Light of International Experience$
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Hanaa Kheir-El-Din

Print publication date: 2009

Print ISBN-13: 9789774163036

Published to Cairo Scholarship Online: September 2011

DOI: 10.5743/cairo/9789774163036.001.0001

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Monetary Policy in Egypt: A Retrospective and Preparedness for Inflation Targeting

Monetary Policy in Egypt: A Retrospective and Preparedness for Inflation Targeting

(p.109) CHAPTER 4 Monetary Policy in Egypt: A Retrospective and Preparedness for Inflation Targeting
What Drives Prices in Egypt?

Hanaa Kheir-El-Din

American University in Cairo Press

Inflation targeting (IT) has become an increasingly popular monetary policy strategy, with around twenty-one countries, eight industrial and thirteen emerging markets, now inflation targeters. According to theory, an increase in the money gap should have a positive impact on inflation. The out-of-sample forecasts of the three model specifications were evaluated re-estimating the above specifications for the period February 2000 to July 2004. Macroeconomic stability supports monetary policy formulation and creates a conducive environment to build policy credibility, an important prerequisite for IT. Egypt has experienced lower inflation rates and output variability than the comparator IT countries listed. In addition, compared to the other countries, it has been running a current account surplus over the comparison period (Soderling 2003).

Keywords:   monetary policy, Egypt, inflation targeting, macroeconomic stability, inflation rates

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