Sacrifice Ratios, Benefice Ratios, and Globalization: Evidence from a New Set of Estimates
This paper revisits the effect of globalization on the output-inflation trade-off, using a new data set of 1114 sacrifice and benefice ratios for a large cross-section of 118 countries over the time period 1966−2007, which is calculated following the approach of Jordan (1997). In line with previous studies our estimates suggest that larger (dis)inflations, effected over a short period, starting from high levels of inflation are associated with smaller sacrifice and benefice ratios. Globalization in terms of financial and trade openness has increased sacrifice and benefice ratios, with financial openness superseding the role of trade openness in importance since the 1990s.
Volume (Year): 32 (2012)
Issue (Month): 1 ()
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- Daniels, Joseph P & Nourzad, Farrokh & Vanhoose, David D, 2005. "Openness, Central Bank Independence, and the Sacrifice Ratio," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 37(2), pages 371-79, April.
- Joseph P. Daniels & David D. VanHoose, 2007.
"Trade Openness, Capital Mobility, and the Sacrifice Ratio,"
Working Papers and Research
0701, Marquette University, Center for Global and Economic Studies and Department of Economics.
- Joseph Daniels & David VanHoose, 2009. "Trade Openness, Capital Mobility, and the Sacrifice Ratio," Open Economies Review, Springer, vol. 20(4), pages 473-487, September.
- Christopher Bowdler, 2005.
"Openness, exchange rate regimes and the Phillips curve,"
2005-W25, Economics Group, Nuffield College, University of Oxford.
- Bowdler, Christopher, 2009. "Openness, exchange rate regimes and the Phillips curve," Journal of International Money and Finance, Elsevier, vol. 28(1), pages 148-160, February.
- Daniels, Joseph P. & VanHoose, David D., 2006. "Openness, the sacrifice ratio, and inflation: Is there a puzzle?," Journal of International Money and Finance, Elsevier, vol. 25(8), pages 1336-1347, December.
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