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Modelling inflation in Georgia

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The article explains the behaviour of inflation in Georgia in the post-stabilization period. Long-run equation linking prices with money and exchange rate, as well as short-run, dynamic equation for inflation are estimated. The inflation equation is stable, points to a dominant role of exchange rate in the inflation behaviour. The equation explains well the behaviour of inflation after the Russian crises, when inflation increased sharply but was quickly brought under control when the National Bank of Georgia kept its monetary policy tight and exchange rate stable.

Document Type: Research Article


Affiliations: International Monetary Fund,

Publication date: 2009-04-01

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