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The Cause of Disinflation

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  • Jang C. Jin

Abstract

An empirical model estimates the effects of central bank independence and increasing globalisation on recent disinflation. The model that includes the globalisation measure is found to fit the data better than the one with central bank independence alone. Using pooled sample periods gives further information on recent disinflation that was largely caused by globalisation, and partly by central bank independence. The results suggest that many industrialised countries, including the United States, benefited from globalisation lowering inflation rates during the late twentieth century.

Suggested Citation

  • Jang C. Jin, 2019. "The Cause of Disinflation," World Economics, World Economics, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 20(4), pages 49-58, October.
    • Handle: RePEc:wej:wldecn:763
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    File URL: https://www.worldeconomics.com/Journal/Papers/Article.details?ID=763
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