We study the effects of globalisation on the slope of the New Keynesian Phillips curve for CPI inflation, based on a broad panel of 35 countries and controlling for possibly non-linear exchange rate effects. We find that the output gap generally has a significant positive effect on inflation,...

House prices have risen rapidly in most advanced economies. This paper examines to which extent house prices have affected rental markets in 9 advanced economies. The analysis reveals that the short-term pass-through of house prices to rents is typically limited: ceteris paribus, a 10% increase...

We use cointegration analysis to show that the long-run behaviour of the Brazilian real effective exchange rate betweeen January 1999 and September 2012 can largely be explained by the price variation of a basket of five commodities – that accounted for 51% of Brazilian export revenues in...