treatment of globalization can help. CPI inflation has become more synchronized around the world since the 2008 crisis, but core … and wage inflation have become less synchronized. Global factors (including commodity prices, world slack, exchange rates … role for all the inflation measures, although globalization has caused some “flattening” of this relationship, especially …

inflation and activity. If policy makers are guided by the welfare criterion of the representative household, globalization …The paper provides a unified analysis of globalization effects on the Phillips curve and monetary policy, in a New … forces also lead monetary policy to be more aggressive with regard to inflation fluctuations but, at the same time, more …

The paper provides an integrated analysis of globalization effects on the inflation-output tradeoff and monetary policy … flatten the Phillips curve, the tradeoff between inflation and activity. Second, the same globalization forces lead the … welfare-based monetary policy to be more aggressive with regard to inflation fluctuations, and at the same time, more benign …

This paper analyzes the potential effect of global market competition on inflation dynamics. It does so through the … lens of the Calvo model of staggered price-setting, which implies that inflation depends on expected future inflation and a … setting, and hence alter the dynamic response of inflation to marginal costs. I first discuss the behavior of the variables …

An important aspect of the globalization process is the increase in interdependence among countries through the … of firms. We present an extension of Dornbusch (1987)'s model to analyze the extent to which globalization, interpreted …

curve can account for inflation not just in the U.S. but across a range of countries, once household or firm-level inflation … expectations are used. Given this relationship, we can infer the dynamics of slack from the dynamics of inflation gaps and vice … versa. We find that the implied slack was pushing inflation below expectations in the years after the Great Recession but …

This paper examines what strategies policymakers have used to both reduce and control inflation. It first outlines why … a consensus has emerged that inflation needs to be controlled. Then it examines four basic strategies: exchange rate … pegging, monetary targeting, inflation targeting, and the just do it' strategy of preemptive monetary policy with no explicit …