Page 42 - Azerbaijan State University of Economics

Vugar Rahimov, Nigar Jafarova: The Exchange Rate Pass-Through to Aggregate
Consumer Price Index and Its Components In Azerbaijan

Table 4c: Variance decomposition of Non-Food CPI
Period Oil revenue TP_CPI NEER Non-food CPI
1 0.1 4.9 31.6 63.4
2 0.2 6.5 32.6 60.7
3 2.8 6.8 33.3 57.1
4 3.6 7.2 34.0 55.2
5 3.7 7.2 34.2 54.9
6 3.7 7.2 34.2 54.9
7 3.8 7.2 34.1 54.9
8 3.9 7.2 34.1 54.8
9 3.9 7.2 34.1 54.8
10 3.9 7.3 34.1 54.8
11 3.9 7.3 34.1 54.8
12 3.9 7.3 34.1 54.8
Cholesky ordering:oil revenue, tp_cpi, neer, non-food cpi

Table 4d: Variance decomposition of Service CPI
Period Oil revenue TP_CPI NEER Service CPI
1 1.3 0.1 2.9 95.7
2 4.9 0.2 5.5 89.4
3 7.3 1.5 5.3 85.9
4 7.3 1.6 5.3 85.8
5 7.3 1.7 5.3 85.7
6 7.3 1.7 5.3 85.7
7 7.3 1.7 5.3 85.7
8 7.3 1.7 5.3 85.7
9 7.3 1.7 5.3 85.7
10 7.3 1.7 5.3 85.7
11 7.3 1.7 5.3 85.7

12 7.3 1.7 5.3 85.7
Cholesky ordering:oil revenue, tp_cpi, neer, service cpi

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