Inflation And Globalisation
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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 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 : 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.
Globalisation And The Determinants Of Domestic Inflation
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Author : William R. White
language : en
Publisher:
Release Date : 2008
Globalisation And The Determinants Of Domestic Inflation written by William R. White and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Globalization categories.
The remarkable stability of low domestic inflation in many countries requires explanation. In this paper, a number of competing hypotheses are evaluated on a stand-alone basis, and all are found to be inadequate. This includes the view that this outcome has been solely the result of more effective disinflationary monetary policies. However, a combination of these hypotheses (including a significant role for increased global competition) seems to provide a plausible explanation, not only for continuing low inflation, but also its coexistence with rapid growth and low real interest rates. Unfortunately, the analysis also leads to the conclusion that rising inflation, unwinding financial imbalances, or both, could easily follow the welcome stability seen to date.
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.
Globalization Market Power And The Natural Interest Rate
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Author : Jean-Marc Natal
language : en
Publisher: International Monetary Fund
Release Date : 2019-05-06
Globalization Market Power And The Natural Interest Rate written by Jean-Marc Natal and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-05-06 with Business & Economics categories.
We argue that strong globalization forces have been an important determinant of global real interest rates over the last five decades, as they have been key drivers of changes in the natural real interest rate—i.e. the interest rate consistent with output at its potential and constant inflation. An important implication of our analysis is that increased competition in goods and labor market since the 1970s can help explain both the large increase in real interest rates up to the mid-1980s and—as globalization forces mature and may even go into reverse, leading to incrementally rising market power—its subsequent and protracted decline accompanied by lower inflation. The analysis has important implications for monetary policy and the optimal pace of normalization.
Implications Of Globalization For Monetary Policy
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Author : Helmut Wagner
language : en
Publisher: International Monetary Fund
Release Date : 2001
Implications Of Globalization For Monetary Policy written by Helmut Wagner and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Competition categories.
Inflation In Poland
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Author : Céline Allard
language : en
Publisher: International Monetary Fund
Release Date : 2007-02
Inflation In Poland written by Céline Allard and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-02 with Business & Economics categories.
This paper analyses how globalization has affected inflation in the New EU Members States (NMS), and Poland in particular, since 1995. It finds prices have become less sensitive to domestic economic conditions as trade integration rose, possibly because monetary policy incentives increasingly shifted toward meeting price stability objectives. Quantitatively, globalization appears to have lowered Polish prices by 1⁄2 to 1 percentage point annually since 1995, substantially more than in advanced economies. However, future inflation-dampening effects in the NMS are likely to be smaller as the pace of increases in trade openness moderates.
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.
International Dimensions Of Monetary Policy
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Author : Jordi Galí
language : en
Publisher: University of Chicago Press
Release Date : 2010-03-15
International Dimensions Of Monetary Policy written by Jordi Galí and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-03-15 with Business & Economics categories.
United States monetary policy has traditionally been modeled under the assumption that the domestic economy is immune to international factors and exogenous shocks. Such an assumption is increasingly unrealistic in the age of integrated capital markets, tightened links between national economies, and reduced trading costs. International Dimensions of Monetary Policy brings together fresh research to address the repercussions of the continuing evolution toward globalization for the conduct of monetary policy. In this comprehensive book, the authors examine the real and potential effects of increased openness and exposure to international economic dynamics from a variety of perspectives. Their findings reveal that central banks continue to influence decisively domestic economic outcomes—even inflation—suggesting that international factors may have a limited role in national performance. International Dimensions of Monetary Policy will lead the way in analyzing monetary policy measures in complex economies.