Has Globalization Changed Inflation?

Laurence Ball

No 12687, NBER Working Papers from National Bureau of Economic Research, Inc

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.

JEL-codes: E31 (search for similar items in EconPapers)
Date: 2006-11
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
Note: EFG ME
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Citations: View citations in EconPapers (200)

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