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Shojaeenia, Mohammad Amin, Barkish, Ahmad, Valizadeh, Abolmohsen. (1402). Relationship between CPI and PPI Inflation in Iran: Does Inflation Anchored by Liquidity Growth or Exchange Rate Growth?. , 12(2), 431-463. doi: 10.22099/ijes.2025.52109.1989
Mohammad Amin Shojaeenia; Ahmad Barkish; Abolmohsen Valizadeh. "Relationship between CPI and PPI Inflation in Iran: Does Inflation Anchored by Liquidity Growth or Exchange Rate Growth?". , 12, 2, 1402, 431-463. doi: 10.22099/ijes.2025.52109.1989
Shojaeenia, Mohammad Amin, Barkish, Ahmad, Valizadeh, Abolmohsen. (1402). 'Relationship between CPI and PPI Inflation in Iran: Does Inflation Anchored by Liquidity Growth or Exchange Rate Growth?', , 12(2), pp. 431-463. doi: 10.22099/ijes.2025.52109.1989
Shojaeenia, Mohammad Amin, Barkish, Ahmad, Valizadeh, Abolmohsen. Relationship between CPI and PPI Inflation in Iran: Does Inflation Anchored by Liquidity Growth or Exchange Rate Growth?. , 1402; 12(2): 431-463. doi: 10.22099/ijes.2025.52109.1989

Relationship between CPI and PPI Inflation in Iran: Does Inflation Anchored by Liquidity Growth or Exchange Rate Growth?

Iranian Journal of Economic Studies
دوره 12، شماره 2 - شماره پیاپی 24، اسفند 2023، صفحه 431-463    اصل مقاله (1.58 M)
نوع مقاله: Research Paper
شناسه دیجیتال (DOI): 10.22099/ijes.2025.52109.1989
نویسندگان
Mohammad Amin Shojaeenia* 1؛ Ahmad Barkish2؛ Abolmohsen Valizadeh2
1Faculty of Economics, University of Tehran, Tehran, Iran.
2Institute for Management and Planning Studies, Tehran, Iran.
چکیده
This study examines how exchange rate growth and liquidity growth impact the relationship between consumer price index “CPI” inflation and producer price index “PPI” inflation in Iran from 2005 to 2023, using monthly data. We employ continuous wavelet transformation to capture the dynamic relationship between CPI and PPI across different frequency bands. Additionally, we use a vector auto-regressive with exogenous variables model to validate our findings and utilized the Granger causality test. In this study, CPI and PPI indices are divided into three categories: CPI and PPI of goods, CPI and PPI of services, and total CPI and PPI, which is the weighted mean of the two priors. Our models are applied separately to each category of CPI and PPI inflation. The results indicate that the relationship between CPI inflation and PPI inflation for goods is stronger and more reliable than for services. Also, we demonstrate how liquidity growth and exchange rate growth contribute to inflation through demand-pull and cost-push mechanisms, respectively. Finally, we highlighted that this relationship is more dependent on exchange rate growth than liquidity growth, particularly in recent years. This indicates that inflation in Iran during the studied period is predominantly driven by cost-push factors rather than demand-pull forces.
کلیدواژه‌ها
Consumer Price Index Inflation؛ Producer Price Index Inflation؛ Exchange Rate Growth؛ Liquidity Growth؛ Continuous Wavelet Analysis
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