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Globalization and Disinflation: A Note

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  • Razin, Assaf

Abstract

We analyse how globalization forces induce monetary authorities, guided in their policies by the welfare criterion of a representative household, to put greater emphasis on reducing the inflation rate than on narrowing the output gaps. Specifically, I demonstrate how the relative weight of the output gap term in a utility-based loss function shrinks when the economy is open to international trade in goods, and is integrated to the world capital markets.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 4826.

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Date of creation: Jan 2005
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Handle: RePEc:cpr:ceprdp:4826

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Keywords: aggregate supply; captial market openness; inflation-output tradeoff; trade openness;

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  1. Assaf Razin & Chi-Wa Yuen, 2001. "The "New Keynesian" Phillips Curve: Closed Economy vs. Open Economy," NBER Working Papers 8313, National Bureau of Economic Research, Inc.
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Cited by:
  1. Céline Allard, 2007. "Inflation in Poland," IMF Working Papers 07/41, International Monetary Fund.
  2. Bohl , Martin T & Mayes , David G & Siklos, Pierre L, 2009. "The quality of monetary policy and inflation performance: globalization and its aftermath," Research Discussion Papers 31/2009, Bank of Finland.
  3. Sánchez, Marcelo, 2006. "Implications of monetary union for catching-up member states," Working Paper Series 0630, European Central Bank.
  4. Ernst Glatzer & Ernest Gnan & Maria Teresa Valderrama, 2006. "Globalization, Import Prices and Producer Prices in Austria," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 3, pages 24–43.
  5. Auer, Raphael & Fischer, Andreas M, 2008. "The Effect of Trade with Low-Income Countries on U.S. Industry," CEPR Discussion Papers 6819, C.E.P.R. Discussion Papers.
  6. G. Lim & Paul Mcnelis, 2006. "Central Bank Learning and Taylor Rules with Sticky Import Prices," Computational Economics, Society for Computational Economics, vol. 28(2), pages 155-175, September.
  7. International Monetary Fund, 2010. "Commodity Prices and Inflation in the Middle East, North Africa, and Central Asia," IMF Working Papers 10/135, International Monetary Fund.
  8. Luke Willard & Tarhan Feyzioglu, 2006. "Does Inflation in China Affect the United States and Japan?," IMF Working Papers 06/36, International Monetary Fund.

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