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Over the past decade, inflation has become less responsive to domestic demand pressures in many industrial countries. This development has been attributed, in part, to globalization forces. A small macroeconomic model, estimated on UK data using Bayesian estimation, is used to analyze the monetary policy implications of this structural change. The focus is on the implications of a globalization-related flattening of the Phillips curve for the trade-off between inflation and output gap variability and for the efficient monetary policy response rule.
Over the past decade, inflation has become less responsive to domestic demand pressures in many industrial countries. This development has been attributed, in p
"Policy-makers have recently noted an apparent flattening of the Phillips curve. The implications of such a change include that a positive output gap would be l
This paper explores potential causes of the flattening of the Phillips curve and why they matter for monetary policy. I use a novel open economy nested-CES mode
Notwithstanding persistently-high unemployment following the Great Recession, inflation in the United States has been remarkably stable. We find that a traditio
Inflation is regarded by the many as a menace that damages business and can only make life worse for households. Keeping it low depends critically on ensuring t
