On the Anatomy of Inflation: The Variability of Relative Commodity Prices in Argentina

Mario I. Bléjer

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Monetary Policy and Economic Impact Economic Theory and Policy Economic theories and models

Abstract

THERE IS SUBSTANTIAL EVIDENCE indicating that the inflationary process is not neutral with respect to the structure of relative prices. A1though real variables also affect the distribution of commodity prices, the variability of relative prices appears to be largely increased by monetary phenomena. The general picture emerging from the empirical literature links the cross-sectional variability of commodity prices to the variability of the aggregate rate of inflation over time, to the rate of unexpected inflation, and to the rate of monetary expansion. 1 Most studies, however, have dealt with low-inflation countries, for which it is more difficult to isolate real from monetary effects on relative price changes. The purpose of this paper is to analyze in detail the characteristics of relative-price behavior within the context of very rapid and variable inflation. Using disaggregated monthly data for Argentina, a number of specific aspects of that country's

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References

1973Some International Evidence on Output-Inflation Tradeoffs.1977Inflation and Costs of Price Adjustment 1978Inflation and Relative Price Variability 1981Relative Shocks, Relative Price Variability, and Inflation 1980The Effects of Monetary Change on Relative Commodity Prices and the Role of Long-Term Contracts 1962Concentration in international trade 2016Sticky Prices and Disequilibrium Adjustment in a Rational Model of the Inflationary Process 1983Relative price variability and inflation: A survey and further results

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1992Relative-Price Changes as Aggregate Supply Shocks 1990Chapter 19 Costs of inflation 2006Relative prices and inflation: new evidence from different inflationary contexts 2000Inflationary regimes and relative price variability: evidence from Argentina 1990The Distribution of Consumer Price Changes in the United Kingdom 2000Relative Prices, Inflation and Core Inflation

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