becomes nonlinear when inflation is "low" - which our baseline model defines as less than 3 percent. The nonlinear curve is … further increases in economic slack have little effect on inflation. This finding is consistent with evidence of downward … nominal wage and price rigidity. When inflation is high, the Phillips curve is linear and relatively steep. These results are …

This paper models inflation by combining the multi-country framework of one of its authors (Forbes) with the nonlinear … nonlinear when inflation is low, in which case excess economic slack has little effect on inflation. This finding is consistent … meaningful Phillips curve relationship between slack and inflation when slack is negative (i.e., when output is above long …

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 …

We study how domestic and global output gaps affect CPI inflation. We use a New-Keynesian Phillips curve framework …1-2017Q4 period. We find broadly that both global and domestic output gaps are significant drivers of inflation both in … output gaps on inflation. …