The Globalisation Of 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.
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.
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
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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 : 2013
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 2013 with categories.
We examine whether a higher degree of trade integration is associated with a higher rate of price spillovers. More specifically, we examine how bilateral sector-specific trade integration affects the bilateral co-movements of sectoral prices. Our findings suggest that increasing trade integration was associated with a significant increase in the rate of price spillovers, which is consistent with the hypothesis that increasing real integration has made the inflation process a more global one. We conclude with describing our current work in this research field.Full publication: "http://ssrn.com/abstract=2248714" Globalisation and Inflation Dynamics in Asia and the Pacific.
What Is The Globalisation Of Inflation
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Author : Gantungalag Altansukha
language : en
Publisher:
Release Date : 2016
What Is The Globalisation Of Inflation written by Gantungalag Altansukha and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
This paper studies the globalisation of CPI inflation by analysing core, energy and food components, testing for structural breaks in the relationships between domestic inflation and a corresponding country-specific foreign inflation series at the monthly frequency for OECD countries. The iterative methodology employed separates coefficient and variance breaks, while also taking account of outliers. We find that the overall pattern of globalisation in aggregate inflation is largely driven by convergence of the mean levels of the core component from the early 1990s, compatible with the introduction of inflation targeting in many countries of our sample. There is less evidence of increased synchronisation of short run movements in core than aggregate inflation, but an increased role for short run foreign energy inflation often contributes to the globalisation effect.
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 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.
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.
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.