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Can domestic policies influence inflation?

Author: Ashoka Mody; Franziska Ohnsorge; International Monetary Fund. European Department,
Publisher: Washington, D.C. : International Monetary Fund, European Dept., 2007.
Series: IMF working paper, WP/07/257.
Edition/Format:   eBook : Document : International government publication : EnglishView all editions and formats
Summary:
Globalization operates not only by reducing domestic pressures on inflation but also by reducing the scope of domestic authorities to influence the pace of inflation. First, as markets are integrated, the common, cross-border sources of inflation increase, reducing the extent of domestically-generated inflation. Based on a methodology identifying common time and sectoral trends, we find this to be especially the  Read more...
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Genre/Form: Electronic books
Additional Physical Format: Print version:
Mody, Ashoka.
Can domestic policies influence inflation?.
Washington, D.C. : International Monetary Fund, European Dept., 2007
(OCoLC)227355004
Material Type: Document, Government publication, International government publication, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Ashoka Mody; Franziska Ohnsorge; International Monetary Fund. European Department,
ISBN: 1283513072 9781283513074 1451912730 9781451912739
ISSN:2227-8885
OCLC Number: 648404024
Reproduction Notes: Electronic reproduction. [S.l.] : HathiTrust Digital Library, 2010. MiAaHDL
Description: 1 online resource (36 pages) : illustrations.
Details: Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002.
Series Title: IMF working paper, WP/07/257.
Responsibility: prepared by Ashoka Mody and Franziska Ohnsorge.

Abstract:

Globalization operates not only by reducing domestic pressures on inflation but also by reducing the scope of domestic authorities to influence the pace of inflation. First, as markets are integrated, the common, cross-border sources of inflation increase, reducing the extent of domestically-generated inflation. Based on a methodology identifying common time and sectoral trends, we find this to be especially the case in the countries of the eurozone, with their longer histories of product market integration. Second, even the domestically-generated component of inflation may be difficult to manipulate. Policies act, especially in the short run, through managing domestic demand. But the relationship between domestic demand (proxied by the output gap and unit labor cost growth) and inflation has been weak, constrained in part by trade openness. Moreover, the domestic component of inflation contains a country-specific international catch-up process that generates price equalization across countries. The evidence is that catch-up has accelerated with increasing market integration. Thus, for the eurozone economies, there may be limits on the use of fiscal and labor market policies to contain inflation. The new member states may not have policy leverage to meet the Maastricht inflation limit necessary for entering the eurozone. Case studies show that fiscal consolidation needed to comply with the inflation criterion can be large and sustained only briefly to get under the Maastricht wire.

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