Flattened inflation-output tradeoff and enhanced anti-inflation policy
outcome of globalization?
by Assaf Razin
"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"--National Bureau of Economic Research web site.
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Flattened inflation-output tradeoff and enhanced anti-inflation policy: outcome of globalization?
2007, National Bureau of Economic Research
electronic resource :
in English
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Title from PDF file as viewed on 8/21/2007.
Includes bibliographical references.
Also available in print.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.
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