Inflation dynamics and expectations in Singapore
Inflation dynamics in Singapore have primarily been shaped by foreign factors, including global inflationary pressures and external macroeconomic shocks. More recently, the normalisation phase of the Covid-19 pandemic crisis has led to domestic price pressures from pent-up demand and supply-chain di...
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sg-smu-ink.soe_research-37042024-01-04T06:57:30Z Inflation dynamics and expectations in Singapore CHOW-TAN, Hwee Kwan Inflation dynamics in Singapore have primarily been shaped by foreign factors, including global inflationary pressures and external macroeconomic shocks. More recently, the normalisation phase of the Covid-19 pandemic crisis has led to domestic price pressures from pent-up demand and supply-chain disruptions. Meanwhile, the war in Ukraine has resulted in a hike in the global prices of food, energy, and industrial commodities. Using inflation forecasts from the MAS Survey of Professional Forecasters as our measure of inflation expectations, we show that short-term inflation expectations have shifted up recently. Moreover, greater disagreement amongst survey respondents in the more recent surveys suggests individual short-term inflation expectations may also be slipping. The Monetary Authority of Singapore (MAS) has promptly responded to the elevated price pressures by repeatedly tightening monetary policy. Such forceful policy responses reveal the central bank’s resolve to maintain price stability, which will help to ensure that inflation expectations in Singapore remain anchored. 2023-05-01T07:00:00Z text application/pdf https://ink.library.smu.edu.sg/soe_research/2705 info:doi/10.1007/978-3-031-27949-2_5 https://ink.library.smu.edu.sg/context/soe_research/article/3704/viewcontent/Inflation_iris_upload.pdf http://creativecommons.org/licenses/by-nc-nd/4.0/ Research Collection School Of Economics eng Institutional Knowledge at Singapore Management University Inflation expectations Singapore monetary policy Pandemic crisis Asian Studies Econometrics Macroeconomics |
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Inflation expectations Singapore monetary policy Pandemic crisis Asian Studies Econometrics Macroeconomics CHOW-TAN, Hwee Kwan Inflation dynamics and expectations in Singapore |
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Inflation dynamics in Singapore have primarily been shaped by foreign factors, including global inflationary pressures and external macroeconomic shocks. More recently, the normalisation phase of the Covid-19 pandemic crisis has led to domestic price pressures from pent-up demand and supply-chain disruptions. Meanwhile, the war in Ukraine has resulted in a hike in the global prices of food, energy, and industrial commodities. Using inflation forecasts from the MAS Survey of Professional Forecasters as our measure of inflation expectations, we show that short-term inflation expectations have shifted up recently. Moreover, greater disagreement amongst survey respondents in the more recent surveys suggests individual short-term inflation expectations may also be slipping. The Monetary Authority of Singapore (MAS) has promptly responded to the elevated price pressures by repeatedly tightening monetary policy. Such forceful policy responses reveal the central bank’s resolve to maintain price stability, which will help to ensure that inflation expectations in Singapore remain anchored. |
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CHOW-TAN, Hwee Kwan |
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CHOW-TAN, Hwee Kwan |
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CHOW-TAN, Hwee Kwan |
title |
Inflation dynamics and expectations in Singapore |
title_short |
Inflation dynamics and expectations in Singapore |
title_full |
Inflation dynamics and expectations in Singapore |
title_fullStr |
Inflation dynamics and expectations in Singapore |
title_full_unstemmed |
Inflation dynamics and expectations in Singapore |
title_sort |
inflation dynamics and expectations in singapore |
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Institutional Knowledge at Singapore Management University |
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2023 |
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https://ink.library.smu.edu.sg/soe_research/2705 https://ink.library.smu.edu.sg/context/soe_research/article/3704/viewcontent/Inflation_iris_upload.pdf |
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