| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11905 |
| DP11905 The globalisation of inflation: the growing importance of global value chains | |
| Raphael Auer; Claudio Borio; Andrew Filardo | |
| 发表日期 | 2017-03-13 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | Greater international economic interconnectedness over recent decades has been changing inflation dynamics. This paper presents evidence that the expansion of global value chains (GVCs), ie cross-border trade in intermediate goods and services, is an important channel through which global economic slack influences domestic inflation. In particular, we document the extent to which the growth in GVCs explains the established empirical correlation between global economic slack and national inflation rates, both across countries and over time. Accounting for the role of GVCs, we also find that the conventional trade-based measures of openness used in previous studies are poor proxies for this transmission channel. The results support the hypothesis that as GVCs expand, direct and indirect competition among economies increases, making domestic inflation more sensitive to the global output gap. This can affect the trade-offs that central banks face when managing inflation. |
| 主题 | International Macroeconomics and Finance ; International Trade and Regional Economics ; Monetary Economics and Fluctuations |
| 关键词 | Globalisation inflation Phillips curve monetary policy Global value chain Production structure International inflation synchronisation Input-output linkages Supply chain |
| URL | https://cepr.org/publications/dp11905 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/540716 |
| 推荐引用方式 GB/T 7714 | Raphael Auer,Claudio Borio,Andrew Filardo. DP11905 The globalisation of inflation: the growing importance of global value chains. 2017. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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