Arbeitspapier
Exploring the nexus between inflation and globalization under inflation targeting through the lens of New Zealand's experience
We investigate empirically the inflation dynamics in New Zealand, a small open economy and a pioneer in inflation targeting, under various open-economy Phillips curve specifications. Our forecasting exercise suggests that open-economy Phillips curves under standard measures of global slack do not help forecast domestic inflation, possibly indicating measurement problems with global slack itself. In turn, under a stable inflation target we still find that (i) global inflation or (ii) global inflation or oil prices have information content for headline CPI and core CPI inflation over the 1997:Q3-2015:Q1 period and appear to be reliable proxies for global slack in forecasting inflation.
- Sprache
-
Englisch
- Erschienen in
-
Series: Working Paper ; No. 1709
- Klassifikation
-
Wirtschaft
Single Equation Models; Single Variables: Cross-Sectional Models; Spatial Models; Treatment Effect Models; Quantile Regressions
Single Equation Models; Single Variables: Panel Data Models; Spatio-temporal Models
Forecasting Models; Simulation Methods
Open Economy Macroeconomics
Macroeconomic Aspects of International Trade and Finance: Forecasting and Simulation: Models and Applications
Economic Impacts of Globalization: Macroeconomic Impacts
- Thema
-
Inflation Dynamics
Open-Economy Phillips Curve
Inflation Targeting
Inflation Forecasting
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Kabukçuoğlu, Ayşe
Martínez-García, Enrique
Soytaş, Mehmet Ali
- Ereignis
-
Veröffentlichung
- (wer)
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Koç University-TÜSİAD Economic Research Forum (ERF)
- (wo)
-
Istanbul
- (wann)
-
2017
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:45 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Kabukçuoğlu, Ayşe
- Martínez-García, Enrique
- Soytaş, Mehmet Ali
- Koç University-TÜSİAD Economic Research Forum (ERF)
Entstanden
- 2017