Globalisation And Inflation
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Trade Linkages And The Globalisation Of Inflation In Asia And The Pacific
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Author : Raphael A. Auer
language : en
Publisher:
Release Date : 2014
Trade Linkages And The Globalisation Of Inflation In Asia And The Pacific written by Raphael A. Auer and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with Asia categories.
Some observers argue that increased real integration has led to greater co-movement of prices internationally. We examine the evidence for cross-border price spillovers among economies participating in the pan-Asian cross-border production networks. Starting with country-level data, we find that both producer price and consumer price inflation rates move more closely together between those Asian economies that trade more with one another, ie that share a higher degree of trade intensity. Next, using a novel data set based on the World Input-Output Database (WIOD), we examine the importance of the supply chain for cross-border price spillovers at the sectoral level. We document the increasing importance of imported intermediate inputs for economies in the Asia-Pacific region and examine the impact on domestic producer prices of changes in costs of imported intermediate inputs. Our results suggest that real integration through the supply chain matters for domestic price dynamics in the Asia-Pacific region.
Globalisation And Inflation
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Author : C. E. V. Borio
language : en
Publisher:
Release Date : 2007
Globalisation And Inflation written by C. E. V. Borio and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Globalization categories.
There has been mounting evidence that the inflation process has been changing. Inflation is now much lower and much more stable around the globe. And its sensitivity to measures of economic slack and increases in input costs appears to have declined. Probably the most widely supported explanation for this phenomenon is that monetary policy has been much more effective. There is no doubt in our mind that this explanation goes a long way towards explaining the better inflation performance we have observed. In this paper, however, we begin to explore a complementary, rather than alternative, explanation. We argue that prevailing models of inflation are too "country-centric", in the sense that they fail to take sufficient account of the role of global factors in influencing the inflation process. The relevance of a more "globe-centric" approach is likely to have increased as the process of integration of the world economy has gathered momentum, a process commonly referred to as "globalisation". In a large cross-section of countries, we find some rather striking prima facie evidence that this has indeed been the case. In particular, proxies for global economic slack add considerable explanatory power to traditional benchmark inflation rate equations, even allowing for the influence of traditional indicators of external influences on domestic inflation, such as import and oil prices. Moreover, the role of such global factors has been growing over time, especially since the 1990s. And in a number of cases, global factors appear to have supplanted the role of domestic measures of economic slack.
The Globalisation Of Inflation
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Author : Raphael Auer
language : en
Publisher:
Release Date : 2017
The Globalisation Of Inflation written by Raphael Auer and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
Globalisation Inflation And Monetary Policy In Asia And The Pacific
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Author : Banco de Pagos Internacionales (Basilea, Suiza). Departamento Monetario y Económico
language : en
Publisher:
Release Date : 2014
Globalisation Inflation And Monetary Policy In Asia And The Pacific written by Banco de Pagos Internacionales (Basilea, Suiza). Departamento Monetario y Económico and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with Asia categories.
The research papers presented at the conference covered the dynamics of inflation forecasts in the region; the measurement of economic slack; supply chains and inflation spillovers; financial globalisation and the role of exchange rate in monetary policy; global commodity price cycles and their monetary policy implications; and the role of inflation in China's monetary policy rule. This volume is a collection of the speeches, presentations and a background paper from the conference."--Abstract.
Globalisation And Inflation
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Author : Claudio E. V. Borio
language : en
Publisher:
Release Date : 2013
Globalisation And Inflation written by Claudio E. V. Borio and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
There has been mounting evidence that the inflation process has been changing. Inflation is now much lower and much more stable around the globe. And its sensitivity to measures of economic slack and increases in input costs appears to have declined. Probably the most widely supported explanation for this phenomenon is that monetary policy has been much more effective. There is no doubt in our mind that this explanation goes a long way towards explaining the better inflation performance we have observed. In this paper, however, we begin to explore a complementary, rather than alternative, explanation. We argue that prevailing models of inflation are too country-centric, in the sense that they fail to take sufficient account of the role of global factors in influencing the inflation process. The relevance of a more globe-centric approach is likely to have increased as the process of integration of the world economy has gathered momentum, a process commonly referred to as globalisation. In a large cross-section of countries, we find some rather striking prima facie evidence that this has indeed been the case. In particular, proxies for global economic slack add considerable explanatory power to traditional benchmark inflation rate equations, even allowing for the influence of traditional indicators of external influences on domestic inflation, such as import and oil prices. Moreover, the role of such global factors has been growing over time, especially since the 1990s. And in a number of cases, global factors appear to have supplanted the role of domestic measures of economic slack.
Globalisation And Inflation In The Oecd Economies
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Author : Nigel Pain
language : en
Publisher:
Release Date : 2006
Globalisation And Inflation In The Oecd Economies written by Nigel Pain and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.
Globalisation And Inflation In Oecd Countries
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Author : Gernot Pehnelt
language : en
Publisher:
Release Date : 2009
Globalisation And Inflation In Oecd Countries written by Gernot Pehnelt and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.
During the last two decades, the world has experienced a remarkable process of disinflation, with average inflation rates in industrialized countries falling by 10 percentage points and an even sharper decline of the mean rate of inflation in developing countries. Parallel to the decline in inflation rates, a tremendous increase in economic integration - often referred to as globalisation - has been taking place. In this article, we analyse the effects of globalisation on inflation in OECD countries. We theoretically outline different channels through which globalisation may have influenced inflation dynamics and give an overview on the existing empirical evidence on this issue. In the empirical analysis we show that globalisation has contributed to the disinflation process in OECD countries since the 1980s. Inflation rates became much less prone to domestic parameters, especially the domestic output gap. Global factors such as the output gap of the main trading partners became more important in determining national inflation rates. Furthermore, economic freedom and the degree of globalisation are positively related to the disinflation process. Central bank independence seems to have contributed to the decline in inflation rates among OECD countries process, but the effect is rather modest. Though the inertia of inflation can still be observed, the persistence of inflation has considerably declined since the early 1990s.
Globalisation And Inflation Dynamics In Asia And The Pacific
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Author : Bank for International Settlements. Research Workshop
language : en
Publisher:
Release Date : 2013
Globalisation And Inflation Dynamics In Asia And The Pacific written by Bank for International Settlements. Research Workshop and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
The Globalisation Of Inflation In The European Emerging Countries
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Author : Horatiu Lovin
language : en
Publisher:
Release Date : 2020
The Globalisation Of Inflation In The European Emerging Countries written by Horatiu Lovin and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with categories.
Globalisation And Inflation Dynamics In Asia And The Pacific
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Author :
language : en
Publisher:
Release Date : 2013
Globalisation And Inflation Dynamics In Asia And The Pacific written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.