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Title: | Is globalization reducing the ability of central banks to control inflation? |
Authors: | Macchiarelli, C Gerba, E |
Keywords: | central bank;economic policy;fiscal policy;globalisation;inflation;labour market;monetary policy;price fluctuation;primary product;production |
Issue Date: | Nov-2015 |
Publisher: | European Parliament - Monetary Policy Dialogue |
Citation: | In: Is globalization reducing the ability of central banks to control inflation? Monetary dialogue, 12 November 2015 : compiliation of notes, pp. 77 - 92 |
Series/Report no.: | Monetary dialogue;12 November 2015 : compliation of notes European Union. Directorate-General for Internal Policies of the Union. Policy Department A. Economic and Scientific Policy;P/A/ECON/2015-07 European Parliament. Committee on Economic and Monetary Affairs;PE 563.476 |
Abstract: | Since the beginning of the crisis, inflation rates have shown a clear downward trend in many advanced countries and have fallen well below the targets of their respective monetary authorities. Despite strong monetary action, inflation expectations are slow to pick up. In some countries, the recovery is quite strong and unemployment rates have decreased, yet price pressures and wage development continue to remain subdued. Do central banks seem to have (partially) lost their ability to control inflation rates? Against the backdrop of fluctuations in global commodity prices and growth, together with the ongoing structural changes related to globalization wielding pressure on prices and wages, this paper focuses on the implications of globalization for domestic inflation and its expectations and the possible consequences for national monetary policies. |
Description: | This document was requested by the European Parliament's Committee on Economic and Monetary Affairs. |
Gov't Doc #: | P/A/ECON/2015-07 PE 563.476 |
URI: | https://www.europarl.europa.eu/cmsdata/105466/IPOL_IDA(2015)563476_EN.pdf https://op.europa.eu/en/publication-detail/-/publication/3e9df0e3-fd83-11e6-8a35-01aa75ed71a1/language-en/format-PDF/source-143854206 http://bura.brunel.ac.uk/handle/2438/21425 |
ISBN: | 978-92-823-9526-4 978-92-823-9525-7 |
ISSN: | P/A/ECON/2015-07 P/A/ECON/2015-07 |
Other Identifiers: | P/A/ECON/2015-07 P/A/ECON/2015-07 |
Appears in Collections: | Dept of Economics and Finance Research Papers |
Files in This Item:
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FullText.pdf | 2.46 MB | Adobe PDF | View/Open |
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