Measuring persistence in inflation: evidence for Angola

The purpose of this paper is to examine the degree of persistence in five inflation indicators for Angola, and to identify the implications for decision-making. Understanding inflation persistence in Angola is crucial because the National Bank of Angola is preparing to change its monetary policy focus to a more inflation-targeting regime. Our results suggest that when structural breaks are accounted for, all five inflation indicators are stationary, so that a shock will give temporary effects. Secondly, our findings suggest that persistence is not too high. Moreover, the degree of persistence is similar among the five inflation indicators and throughout the sample period. Finally, our results also show that extracting the most volatile components of the headline inflation indicator does not generate a new inflation indicator that is less volatile and more persistent than the original. These results have important implications for the design, implementation and effectiveness of monetary policy in Angola, especially when following an inflation-targeting regime. First, a not too high degree of persistence means monetary policy aiming for price stability must be implemented with a permanent policy stance. Secondly, a low degree of persistence also means that inflation can be stabilized in a short period of time following a shock. Lastly, the results are also relevant for prediction and modeling purposes.

Climatic zoning of the Ibero-American viticultural regions.

The Ibero-American Network of Viticulture, a component of the program of agricultural technology of the CYTED (Ibero-American Program of Science and Technology for Development), is developing the project ?Zoning Methodology and Application in Viticultural Regions of Ibero-America?. An objective of the project is the climatic characterization of this large viticultural region with the participation of ten countries: Argentine, Bolivia, Brazil, Chile, Cuba, Spain, Mexico, Peru, Portugal, and Uruguay.

Climatic zoning of viticultural production periods over the year in the tropical zone: application of the methodology of the géoviticulture MCC System.

2005

Zonage climatique des périodes viticoles de production dans l'année en zone tropicale: application de la méthodologie du système CCM géoviticole.

2004