Inflation Globally

Oscar Jorda and Fernanda Nechio

No 2018-15, Working Paper Series from Federal Reserve Bank of San Francisco

Abstract: The Phillips curve remains central to stabilization policy. Increasing financial linkages, international supply chains, and managed exchange rate policy have given core currencies an outsized influence on the domestic affairs of world economies. We exploit such influence as a source of exogenous variation to examine the effects of the recent financial crisis on the Phillips curve mechanism. Using a difference-in-differences approach, and comparing countries before and after the 2008 financial crisis sorted by whether they endured or escaped the crisis, we are able to assess the evolution of the Phillips curve globally.

JEL-codes: E01 E30 E32 E44 E47 E51 F33 F42 F44 (search for similar items in EconPapers)
Pages: 41 pages
Date: 2018-12-07
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
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Related works:
Chapter: Inflation Globally (2020)
Working Paper: Inflation Globally (2019)
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Persistent link: https://EconPapers.repec.org/RePEc:fip:fedfwp:2018-15

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DOI: 10.24148/wp2018-15

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