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Inflation dynamics and trade openness: with an application to South Africa.

Abstract:

Evolving openness to trade is hard to measure, despite its relevance to models of growth, inflation and exchange rates. Our innovative technique measures trade openness encompassing both observable trade policy (tariffs and surcharges) and unobservable trade policy (quotas and other nontariff barriers), capturing the latter by a smooth non-linear stochastic trend in a model for the share of manufactured imports in home demand for manufactured goods, controlling for the business cycle and exch...

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Janine Aron More by this author
John Muellbauer More by this author
Volume:
WPS/2007-11
Series:
Working Paper Series
Publication date:
2007
URN:
uuid:3be05ec8-d4fc-4d70-985d-402dc0b34dd9
Local pid:
oai:economics.ouls.ox.ac.uk:13217
Language:
English

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