English, Article, Journal or magazine article edition: Global Slack and Domestic Inflation Rates: A Structural Investigation for G-7 Countries Fabio Milani

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Bookmark: http://trove.nla.gov.au/version/33779
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Global Slack and Domestic Inflation Rates: A Structural Investigation for G-7 Countries
Author
  • Fabio Milani
Physical Description
  • preprint
Notes
  • Recent papers have argued that one implication of globalization is that domestic inflation rates may have now become more a function of ``global", rather than domestic, economic conditions, as postulated by closed-economy Phillips curves. This paper aims to assess the empirical importance of global output in determining domestic inflation rates by estimating a structural model for a sample of G-7 economies. The model can capture the potential effects of global output fluctuations on both the aggregate supply and the aggregate demand relations in the economy and it is estimated using full-information Bayesian methods. The empirical results reveal a significant effect of global output on aggregate demand in most countries. Through this channel, global economic conditions can indirectly affect inflation. The results, instead, do not seem to provide evidence in favor of altering domestic Phillips curves to include global slack as an additional driving variable for inflation.
  • Globalization; Global Slack; Inflation Dynamics; Phillips Curve; Bayesian Estimation
  • RePEc:irv:wpaper:080919
Language
  • English
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