Globalisation and the slope of the Phillips curve

被引：6

作者：

Kohlscheen, Emanuel ^{[1
]}

Moessner, Richhild ^{[1
]}

机构：

[1] Bank Int Settlements, Basel, Switzerland

来源：

ECONOMICS LETTERS | 2022年 / 216卷

关键词：

Inflation; Globalisation; Output gap; Phillips curve;

D O I：

10.1016/j.econlet.2022.110587

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We study the effects of globalisation on the slope of the New Keynesian Phillips curve for CPI inflation, based on a panel of 35 countries. We find that the output gap generally has a significant positive effect on inflation, but that this effect decreases as integration in the global economy increases. We conclude that the advance of globalisation has been a key force behind the flattening of price Phillips curves. (c) 2022 Elsevier B.V. All rights reserved.

引用

页数：4

共 15 条

[1]

[Anonymous], 2019, Has globalization changed the inflation process?, V791

[2] Low-wage import competition, inflationary pressure, and industry dynamics in Europe [J].