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Has Globalization Changed Inflation?

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Laurence M. Ball

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Abstract

Many observers suggest that the "globalization" of the U.S. economy has changed the behavior of inflation. This essay examines this idea, focusing on several questions: (1) Has globalization reduced the long-run level of inflation? (2) Has it affected the structure of inflation dynamics, as captured by the Phillips curve? (3) Has it contributed substantial negative shocks to the inflation process? The answers to these questions are no, no, and no.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 12687.

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Date of creation: Nov 2006
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Handle: RePEc:nbr:nberwo:12687

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E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation

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This page was last updated on 2009-11-21.

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