Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/248928 
Year of Publication: 
2021
Series/Report no.: 
CESifo Working Paper No. 9383
Publisher: 
Center for Economic Studies and ifo Institute (CESifo), Munich
Abstract: 
We study the effects of globalisation on the slope of the New Keynesian Phillips curve for CPI inflation, based on a broad panel of 35 countries and controlling for possibly non-linear exchange rate effects. We find that the output gap generally has a significant positive effect on inflation, but that this effect decreases as integration in the global economy increases. We conclude that the advance of globalisation has been a key force behind the flattening of price Phillips curves across the world.
Subjects: 
inflation
globalisation
openness
output gap
Phillips curve
JEL: 
E52
E58
Document Type: 
Working Paper
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