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| Title: | | Globalisation effect on inflation in the great moderation era: New evidence from G10 countries  |
| Authors: | | Qin, Duo He, Xinhua |
| Issue Date: | | 2012 |
| Series/Report no.: | | Economics Discussion Papers 2012-56 |
| Abstract: | | Dynamic econometric models are carefully built to analyse counterfactually the globalisation effect on inflation for ten countries from G10 during the Great Moderation period. The main findings are (i) the effect is highly heterogeneous from country to country; (ii) increases in trade openness could be either inflationary or deflationary whereas increased imports from low-cost emerging-market economies are mostly deflationary; and (iii) there is almost no direct globalisation impact as far as inflation persistence is concerned while the impact on inflation variability can be positive as well as negative. Overall, globalisation is found to have contributed positively to lowering rather than stabilising inflation during the Great Moderation era. |
| Subjects: | | inflation dynamics globalisation |
| JEL: | | C52 E31 E37 F41 |
| Creative Commons License: | |  |
| Document Type: | | Working Paper |
| Appears in Collections: | | Economics: The Open-Access, Open-Assessment E-Journal - Discussion Papers
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