Arbeitspapier
Domestic and Global Output Gaps as Inflation Drivers: What Does the Phillips Curve Tell?
We study how domestic and global output gaps affect CPI inflation. We use a New-Keynesian Phillips curve framework which controls for nonlinear exchange rate movements for a panel of 26 advanced and 22 emerging economies covering the 1994Q1-2017Q4 period. We find broadly that both global and domestic output gaps are significant drivers of inflation both in the pre-crisis (1994-2008) and post-crisis (2008-2017) periods. Furthermore, after the crisis, in advanced economies the effect of the domestic output gap declines, while in emerging economies the effect of the global output gap declines. The paper demonstrates the usefulness of the New Keynesian Phillips curve in identifying the impact of global and domestic output gaps on inflation.
- Sprache
-
Englisch
- Erschienen in
-
Series: CESifo Working Paper ; No. 7337
- Klassifikation
-
Wirtschaft
Price Level; Inflation; Deflation
Central Banks and Their Policies
Economic Impacts of Globalization: Macroeconomic Impacts
- Thema
-
output gaps
global factors
inflation
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Jašová, Martina
Moessner, Richhild
Takáts, Előd
- Ereignis
-
Veröffentlichung
- (wer)
-
Center for Economic Studies and ifo Institute (CESifo)
- (wo)
-
Munich
- (wann)
-
2018
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Jašová, Martina
- Moessner, Richhild
- Takáts, Előd
- Center for Economic Studies and ifo Institute (CESifo)
Entstanden
- 2018