Natal, Jean-Marc; Stoffels, Nicolas - Schweizerische Nationalbank (SNB) - 2007
In this paper, we investigate how, in a stylised theoretical framework, an increase in the degree of globalization … propositions: 1) Globalization - via the impplied variation in markups - has a potentially significant impact on the natural rate … of interest. 2) Simple, plausible markup dynamics may have contributed to explain the recent "conundrum" of world …