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Openness and the Output-Inflation Tradeoff
Bowdler, Christopher - Department of Economics, Oxford University - 2003
Standard open economy models predict that openness to trade should exert a positive effect on the slope of the output-inflation tradeoff, or Phillips curve, but such a proposition finds very little support in the existing empirical literature. We propose a new test of this hypothesis based on...
Persistent link: https://www.econbiz.de/10010605006
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Openness, exchange rate regimes and the Phillips curve
Bowdler, Christopher - Department of Economics, Oxford University - 2005
A number of thoretical models predict that the slope of the Phillips curve increases with trade openness, but cross-country studies provide little evidence for such a correlation. We highlight two reasons for this finding. Firstly, the strength of the relationship may depend on the extent of...
Persistent link: https://www.econbiz.de/10010605043
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The Equilibrium Rate of Unemployment and the Real Exchange Rate: An Unobserved Components System Approach
Lindblad, Hans; Sellin, Peter - Sveriges Riksbank - 2003
We set up and estimate a structural unobserved components open economy model for the rate of unemployment and the real exchange rate in Sweden. This approach enables us to simultaneously determine changes in both cyclical and equilibrium rates. Our results show that the Natural Rate/NAIRU has...
Persistent link: https://www.econbiz.de/10005423757
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Globalization and the Output-inflation Tradeoff: New Time Series Evidence
Eijffinger, Sylvester C W; Qian, Zongxin - C.E.P.R. Discussion Papers - 2010
Recent cross-country studies on the globalization and output-inflation tradeoff correlation find openness has no significant effect on OECD countries. Those studies assume parameter constancy across countries. In this paper, we argue that this assumption does not hold for major industrialized...
Persistent link: https://www.econbiz.de/10008468668
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Globalization, Market Structure and the Flattening of the Phillips Curve.
Guilloux-Nefussi, S. - Banque de France - 2015
The decline in the sensitivity of inflation to domestic slack observed in developed countries over the last 25 years has been often attributed to globalization. However, this intuition has so far not been formalized. I develop a general equilibrium setup that can rationalize the flattening of...
Persistent link: https://www.econbiz.de/10011196011
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Globalization and the Output-Inflation Tradeoff : New Time Series Evidence
Eijffinger, Sylvester; Qian, Z. - Tilburg University, Center for Economic Research - 2010
Recent cross-country studies on the globalization and output-inflation tradeoff correlation find openness has no significant effect on OECD countries. Those studies assume parameter constancy across countries. In this paper, we argue that this assumption does not hold for major industrialized...
Persistent link: https://www.econbiz.de/10011092324
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Inflation and Price Level Targeting in a New Keynesian Model
Chadha, J.S.; Nolan, Charles - Faculty of Economics, University of Cambridge - 2002
In a New Keynesian macroeconomic model under credible commitment, price level targeting dominates inflation targeting. But with sufficient inflation aversion the inflation targeting central bank can produce quantitatively similar results to one targeting the price level. The current degree of...
Persistent link: https://www.econbiz.de/10005650527
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Globalisation effect on inflation in the Great Moderation era: New evidence from G10 countries
Qin, Duo; He, Xinhua - In: Economics - The Open-Access, Open-Assessment E-Journal 7 (2013), pp. 1-32
the aim of analysing counterfactually the globalisation effect on inflation. The main findings are (i) the effect is … globalisation impact as far as inflation persistence is concerned while the impact on inflation variability can be positive as well … as negative. Overall, globalisation is found to have contributed positively to lowering rather than stabilising inflation …
Persistent link: https://www.econbiz.de/10010954782
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Globalisation effect on inflation in the great moderation era: New evidence from G10 countries
Qin, Duo; He, Xinhua - Institut für Weltwirtschaft (IfW) - 2012
Dynamic econometric models are carefully built to analyse counterfactually the globalisation effect on inflation for … imports from low-cost emerging-market economies are mostly deflationary; and (iii) there is almost no direct globalisation … negative. Overall, globalisation is found to have contributed positively to lowering rather than stabilising inflation during …
Persistent link: https://www.econbiz.de/10010956145
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Globalisation effect on inflation in the great moderation era: new evidence from G10 countries
Qin, Duo; He, Xinhua - Volkswirtschaftliche Fakultät, … - 2011
The effect of globalisation on inflation is modelled and simulated for ten countries from G10 during the Great … Moderation period. The results are supportive of the globalisation hypothesis. In particular, the results show that dynamic … channels and magnitudes of globalisation to domestic inflation are highly heterogeneous from country to country, that increases …
Persistent link: https://www.econbiz.de/10009278293