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Does global slack matter more than domestic slack in determining U.S. inflation?

Authors
Journal
Economics Letters
0165-1765
Publisher
Elsevier
Publication Date
Volume
102
Issue
3
Identifiers
DOI: 10.1016/j.econlet.2008.11.027
Keywords
  • Globalization
  • Global Slack
  • Inflation Dynamics
  • Phillips Curve
  • Bayesian Estimation

Abstract

Abstract This paper employs a structural model to estimate whether global output gap has become an important determinant of U.S. inflation dynamics. The results provide support for the relevance of global slack as a determinant of U.S. inflation after 1985.

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