Globalisation and inflation : new cross-country evidence on the global determinants of domestic inflation
Borio, Claudio E.V. (Avtor), Filardo, Andrew Joseph (Avtor)

URLURL - Predstavitvena datoteka, za dostop obiščite http://www.bis.org/publ/work227.pdf Novo okno

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 costsappears 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 relevanceof a more "globe-centric" approach is likely to have increased as theprocess 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 tohave supplanted the role of domestic measures of economic slack.

Jezik:Angleški jezik
Ključne besede:globalizacija, ekonomska politika, monetarna politika, inflacija, ekonomske teroije, spremembe, globalization, economic policy, monetary policy, inflation, changes
Vrsta gradiva:Delo ni kategorizirano (r6)
Organizacija:EF - Ekonomska fakulteta
Leto izida:2007
Založnik:Bank for International Settlements
Št. strani:V, 48 str.
Kraj:Basel (Switzerland)
COBISS.SI-ID:17634790 Povezava se odpre v novem oknu
Število ogledov:344
Število prenosov:89
Skupna ocena:(0 glasov)
Vaša ocena:Ocenjevanje je dovoljeno samo prijavljenim uporabnikom.
Objavi na: Bookmark and Share

Podobna dela

Podobna dela v RUL:
Podobna dela v drugih slovenskih zbirkah:


Dodaj komentar

Za komentiranje se morate prijaviti.

Komentarji (0)
0 - 0 / 0
Ni komentarjev!