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Is Globalization Weakening the Inflation–Output Relationship?

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  • Antonia López-Villavicencio

    (UAB - Universitat Autònoma de Barcelona = Autonomous University of Barcelona = Universidad Autónoma de Barcelona)

  • Sophie Saglio

Abstract

This paper investigates whether trade and financial openness has weakened the inflation–output trade‐off and caused a shift in the preferences of monetary authorities. Based on the backward‐looking P hillips curve and a T aylor‐type interest rate rule, our results for F rance, the UK and the USA for the 1970–2012 period do not provide support for the relevance of globalization in making inflation less responsive to output expansions. Moreover, the change of preferences of C entral B anks towards growth‐oriented objectives is neither due to higher trade nor to financial globalization.

Suggested Citation

  • Antonia López-Villavicencio & Sophie Saglio, 2014. "Is Globalization Weakening the Inflation–Output Relationship?," Post-Print hal-05455785, HAL.
    • Handle: RePEc:hal:journl:hal-05455785
    DOI: 10.1111/roie.12130
    Note: View the original document on HAL open archive server: https://hal.science/hal-05455785v1
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