01793cas a2200241 a 4500 AALejournalIMF005649 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451871890 1018-5941 BD-DhAAL BD-DhAAL Zoli, Edda. Commodity Price Volatility, Cyclical Fluctuations, and Convergence : What is Ahead for Inflation in Emerging Europe? / Edda Zoli. Washington, D.C. : International Monetary Fund, 2009. 1 online resource (21 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper assesses the role of international commodity prices, cyclical fluctuations, and convergence in driving inflation in 18 European emerging economies. Country specific VARs and panel estimates indicate that international commodity price shocks have a significant impact on domestic inflation, but the inflation response is asymmetric for positive and negative shocks. Cyclical fluctuations explain a relative small share of inflation variability, and the inflation response is asymmetric during upturns and downturns. Price convergence is estimated to add nearly 3 percentage points to headline inflation, for the average country whose price level is about 50 percent relative to the EU-15 average. Mode of access: Internet IMF Working Papers; Working Paper ; No. 2009/041 Full text available on IMF http://elibrary.imf.org/view/journals/001/2009/041/001.2009.issue-041-en.xml IMF e-Library