TY  - JOUR
AU  - Ball,Laurence M.
TI  - Has Globalization Changed Inflation?
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 12687
PY  - 2006
Y2  - November 2006
UR  - http://www.nber.org/papers/w12687
L1  - http://www.nber.org/papers/w12687.pdf
N1  - Author contact info:
Laurence M. Ball
Department of Economics
Johns Hopkins University
Baltimore, MD 21218
Tel: 410/516-7605
Fax: 410/516-7600
E-Mail: lball@jhu.edu
AB  - Many observers suggest that the "globalization" of the U.S. economy has changed the behavior of inflation.  This essay examines this idea, focusing on several questions: (1) Has globalization reduced the long-run level of inflation?  (2) Has it affected the structure of inflation dynamics, as captured by the Phillips curve?  (3) Has it contributed substantial negative shocks to the inflation process?  The answers to these questions are no, no, and no.
ER  -