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Another look at global disinflation
This paper highlights relative price adjustments taking place in the global economy as important sources of the lower levels of inflation rates observed in the recent decades. Using a markup model, it shows substantial effects from declines in wage costs and import prices relative to consumer prices...
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| Published in: | Journal of the Japanese and international economies 2009-06, Vol.23 (2), p.220-239 |
|---|---|
| Main Author: | |
| Format: | Article |
| Language: | English |
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| cited_by | cdi_FETCH-LOGICAL-c531t-d92c8a3dc488e92750abf5c0799af2c60e8f24ea04afd11126396c8265c5eaec3 |
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| cites | cdi_FETCH-LOGICAL-c531t-d92c8a3dc488e92750abf5c0799af2c60e8f24ea04afd11126396c8265c5eaec3 |
| container_end_page | 239 |
| container_issue | 2 |
| container_start_page | 220 |
| container_title | Journal of the Japanese and international economies |
| container_volume | 23 |
| creator | Sekine, Toshitaka |
| description | This paper highlights relative price adjustments taking place in the global economy as important sources of the lower levels of inflation rates observed in the recent decades. Using a markup model, it shows substantial effects from declines in wage costs and import prices relative to consumer prices. Out of the five percentage point decline in the inflation rates in eight OECD countries from 1970–1989 to 1990–2006, global shocks to two relative prices account for more than 1.5 percentage points, while a monetary policy shock accounts for another one percentage point.
J. Japanese Int. Economies
23 (2) (2009) 220–239. |
| doi_str_mv | 10.1016/j.jjie.2008.12.002 |
| format | article |
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J. Japanese Int. Economies
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J. Japanese Int. Economies
23 (2) (2009) 220–239.</description><subject>Disinflation</subject><subject>Dynamic factor model</subject><subject>Global disinflation</subject><subject>Global economy</subject><subject>Imports</subject><subject>Inflation</subject><subject>International</subject><subject>Markup model</subject><subject>Markup model Open-economy New Keynesian Phillips curve Dynamic factor model Global disinflation</subject><subject>Markups</subject><subject>Modelling</subject><subject>Monetary policy</subject><subject>Open-economy New Keynesian Phillips curve</subject><subject>Price level changes</subject><subject>Prices</subject><subject>Relative prices</subject><subject>Studies</subject><subject>Wages</subject><subject>World economy</subject><issn>0889-1583</issn><issn>1095-8681</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2009</creationdate><recordtype>article</recordtype><sourceid>8BJ</sourceid><recordid>eNp9kM1LxDAQxYMouH78A54WBW-tk2TTJuBFxE8EL3oeYjrV1G6zJl3B_96UFQ8ePMy8Obz3GH6MHXEoOfDqrCu7zlMpAHTJRQkgttiMg1GFrjTfZjPQ2hRcabnL9lLqAECKis_YycUQxjeK8z6E97kd5699eLH9vPHJD21vRx-GA7bT2j7R4Y_us-frq6fL2-Lh8ebu8uKhcErysWiMcNrKxi20JiNqBfalVQ5qY2wrXAWkW7EgCwvbNpxzUUlTOS0q5RRZcnKfnW56VzF8rCmNuPTJUd_bgcI6oax5rY0S2Xj8x9iFdRzyb8hNpRdKqzqbxMbkYkgpUour6Jc2fiEHnKBhhxM0nKAhF5ih5dD9JhRpRe43QUST1QX8RGmFzOtrOgBMFj-deVaTCkAhDb6Ny1x2vimjDO3TU8TkPA2OGh_JjdgE_98v3xlojLs</recordid><startdate>20090601</startdate><enddate>20090601</enddate><creator>Sekine, Toshitaka</creator><general>Elsevier Inc</general><general>Elsevier</general><general>Elsevier BV</general><scope>DKI</scope><scope>X2L</scope><scope>AAYXX</scope><scope>CITATION</scope><scope>8BJ</scope><scope>FQK</scope><scope>JBE</scope></search><sort><creationdate>20090601</creationdate><title>Another look at global disinflation</title><author>Sekine, Toshitaka</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c531t-d92c8a3dc488e92750abf5c0799af2c60e8f24ea04afd11126396c8265c5eaec3</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2009</creationdate><topic>Disinflation</topic><topic>Dynamic factor model</topic><topic>Global disinflation</topic><topic>Global economy</topic><topic>Imports</topic><topic>Inflation</topic><topic>International</topic><topic>Markup model</topic><topic>Markup model Open-economy New Keynesian Phillips curve Dynamic factor model Global disinflation</topic><topic>Markups</topic><topic>Modelling</topic><topic>Monetary policy</topic><topic>Open-economy New Keynesian Phillips curve</topic><topic>Price level changes</topic><topic>Prices</topic><topic>Relative prices</topic><topic>Studies</topic><topic>Wages</topic><topic>World economy</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>Sekine, Toshitaka</creatorcontrib><collection>RePEc IDEAS</collection><collection>RePEc</collection><collection>CrossRef</collection><collection>International Bibliography of the Social Sciences (IBSS)</collection><collection>International Bibliography of the Social Sciences</collection><collection>International Bibliography of the Social Sciences</collection><jtitle>Journal of the Japanese and international economies</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Sekine, Toshitaka</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>Another look at global disinflation</atitle><jtitle>Journal of the Japanese and international economies</jtitle><date>2009-06-01</date><risdate>2009</risdate><volume>23</volume><issue>2</issue><spage>220</spage><epage>239</epage><pages>220-239</pages><issn>0889-1583</issn><eissn>1095-8681</eissn><abstract>This paper highlights relative price adjustments taking place in the global economy as important sources of the lower levels of inflation rates observed in the recent decades. Using a markup model, it shows substantial effects from declines in wage costs and import prices relative to consumer prices. Out of the five percentage point decline in the inflation rates in eight OECD countries from 1970–1989 to 1990–2006, global shocks to two relative prices account for more than 1.5 percentage points, while a monetary policy shock accounts for another one percentage point.
J. Japanese Int. Economies
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| fulltext | fulltext |
| identifier | ISSN: 0889-1583 |
| ispartof | Journal of the Japanese and international economies, 2009-06, Vol.23 (2), p.220-239 |
| issn | 0889-1583 1095-8681 |
| language | eng |
| recordid | cdi_proquest_miscellaneous_37178952 |
| source | International Bibliography of the Social Sciences (IBSS); ScienceDirect Freedom Collection 2022-2024 |
| subjects | Disinflation Dynamic factor model Global disinflation Global economy Imports Inflation International Markup model Markup model Open-economy New Keynesian Phillips curve Dynamic factor model Global disinflation Markups Modelling Monetary policy Open-economy New Keynesian Phillips curve Price level changes Prices Relative prices Studies Wages World economy |
| title | Another look at global disinflation |
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