Globalisation and Inflation in the OECD Economies:
Over the past 25 years inflation has moderated considerably in all OECD economies. At the same time, the production of many goods and services has become increasingly internationalised and the level of trade between the OECD and non-OECD economies has risen markedly. This paper investigates the exte...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2006
|
| Schriftenreihe: | OECD Economics Department Working Papers
no.524 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | Over the past 25 years inflation has moderated considerably in all OECD economies. At the same time, the production of many goods and services has become increasingly internationalised and the level of trade between the OECD and non-OECD economies has risen markedly. This paper investigates the extent to which the observed changes in the inflation process can be attributed to the increasing integration of non-OECD economies into the global economy. The results of the analysis show that i) import prices have become a more important driver of domestic consumer prices since the mid-1990s; ii) the sensitivity of inflation to domestic economic conditions has declined whereas the sensitivity to foreign economic conditions has risen, working through import prices; and iii) the strong GDP growth in the non-OECD economies over the past five years has contributed to the growth of real oil and metals prices. A scenario analysis shows that globalisation has put upward pressure on inflation via higher commodity prices and downward pressure via lower non-commodity import prices with the latter effect having dominated in most OECD economies. |
| Beschreibung: | 1 Online-Ressource (63 p.) 21 x 29.7cm. |
| DOI: | 10.1787/377011785643 |
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| spelling | Pain, Nigel VerfasserIn aut Globalisation and Inflation in the OECD Economies Nigel, Pain, Isabell, Koske and Marte, Sollie = Mondialisation et inflation dans les économies de l'OCDE / Nigel, Pain, Isabell, Koske et Marte, Sollie Mondialisation et inflation dans les économies de l'OCDE Paris OECD Publishing 2006 1 Online-Ressource (63 p.) 21 x 29.7cm. Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier OECD Economics Department Working Papers no.524 Over the past 25 years inflation has moderated considerably in all OECD economies. At the same time, the production of many goods and services has become increasingly internationalised and the level of trade between the OECD and non-OECD economies has risen markedly. This paper investigates the extent to which the observed changes in the inflation process can be attributed to the increasing integration of non-OECD economies into the global economy. The results of the analysis show that i) import prices have become a more important driver of domestic consumer prices since the mid-1990s; ii) the sensitivity of inflation to domestic economic conditions has declined whereas the sensitivity to foreign economic conditions has risen, working through import prices; and iii) the strong GDP growth in the non-OECD economies over the past five years has contributed to the growth of real oil and metals prices. A scenario analysis shows that globalisation has put upward pressure on inflation via higher commodity prices and downward pressure via lower non-commodity import prices with the latter effect having dominated in most OECD economies. Economics Koske, Isabell MitwirkendeR ctb Sollie, Marte MitwirkendeR ctb FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/377011785643 Volltext |
| spellingShingle | Pain, Nigel Globalisation and Inflation in the OECD Economies Economics |
| title | Globalisation and Inflation in the OECD Economies |
| title_alt | Mondialisation et inflation dans les économies de l'OCDE |
| title_auth | Globalisation and Inflation in the OECD Economies |
| title_exact_search | Globalisation and Inflation in the OECD Economies |
| title_full | Globalisation and Inflation in the OECD Economies Nigel, Pain, Isabell, Koske and Marte, Sollie = Mondialisation et inflation dans les économies de l'OCDE / Nigel, Pain, Isabell, Koske et Marte, Sollie |
| title_fullStr | Globalisation and Inflation in the OECD Economies Nigel, Pain, Isabell, Koske and Marte, Sollie = Mondialisation et inflation dans les économies de l'OCDE / Nigel, Pain, Isabell, Koske et Marte, Sollie |
| title_full_unstemmed | Globalisation and Inflation in the OECD Economies Nigel, Pain, Isabell, Koske and Marte, Sollie = Mondialisation et inflation dans les économies de l'OCDE / Nigel, Pain, Isabell, Koske et Marte, Sollie |
| title_short | Globalisation and Inflation in the OECD Economies |
| title_sort | globalisation and inflation in the oecd economies |
| topic | Economics |
| topic_facet | Economics |
| url | https://doi.org/10.1787/377011785643 |
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