Flattened inflation-output tradeoff and enhanced anti-inflation policy outcome of globalization?

The paper provides a unified analysis of globalization effects on the Phillips curve and monetary policy, in a New-Keynesian framework. The main proposition of the paper is twofold. Labor, goods, and capital mobility flatten the tradeoff between inflation and activity. If policy makers are guided by...

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Bibliographische Detailangaben
1. Verfasser: Razin, Asaf (VerfasserIn)
Weitere Verfasser: Binyamini, Alon (VerfasserIn)
Format: UnknownFormat
Sprache:eng
Veröffentlicht: Cambridge, Mass. National Bureau of Economic Research 2007
Schriftenreihe:NBER working paper series 13280
Schlagworte:
Globalisierung > Geldpolitik > Phillips-Kurve > Inflationsrate > Bruttoinlandsprodukt > Arbeitspapier > Graue Literatur
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Zusammenfassung:The paper provides a unified analysis of globalization effects on the Phillips curve and monetary policy, in a New-Keynesian framework. The main proposition of the paper is twofold. Labor, goods, and capital mobility flatten the tradeoff between inflation and activity. If policy makers are guided by the welfare criterion of the representative household, globalization forces also lead monetary policy to be more aggressive with regard to inflation fluctuations but, at the same time, more benign with respect to the output-gap fluctuations.
Beschreibung:Literaturverz. S. 20 - 21
Internetausg.: http://papers.nber.org/papers/w13280.pdf - lizenzpflichtig
Beschreibung:26 S.