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英文文献：A Modelling of Ghana's Inflation Experience: 1960–2003-1960-2003年加纳通货膨胀经历的模型
英文文献作者：Mathew Kofi Ocran
英文文献摘要：
The study sought to ascertain the key determinants of inflation in Ghana for the past 40 years. Stylized facts about Ghana’s inflation experience indicate that since the country’s exit from the West African Currency Board soon after independence, inflation management has been ineffective despite two decades of vigorous reforms. Using the Johansen cointegration test and an error correction model, the paper identified inflation inertia, changes in money and changes in Government of Ghana treasury bill rates, as well as changes in the exchange rate, as determinants of inflation in the short run. Of these, inflation inertia is the dominant determinant of inflation in Ghana. It is therefore suggested that to make treasury bill rates more effective as a nominal anchor, inflationary expectations ought to be reduced considerably.
该研究试图确定过去40年加纳通货膨胀的关键决定因素。加纳通货膨胀经历的风格化事实表明，自从该国在独立后不久就退出西非货币局以来，尽管进行了20年的有力改革，但通货膨胀管理一直无效。利用Johansen协整检验和误差修正模型，本文确定通货膨胀惯性、货币变化、加纳政府国库券利率变化以及汇率变化是短期内通货膨胀的决定因素。在这些因素中，通货膨胀惯性是加纳通货膨胀的主要决定因素。因此，有人建议，要使国库券利率更有效地作为名义锚定，通胀预期应大幅降低。
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