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International Trade and the Connection between Excess Demand and Inflation (2005)

Dexter, Albert S. ; Levi, Maurice D. ; Nault, Barrie R.

Oxford, UK : Blackwell Publishing Ltd.

Review of international economics 13 (2005), S. 0

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ISSN: 1467-9396

Source: Blackwell Publishing Journal Backfiles 1879-2005

Topics: Economics

Notes: This paper demonstrates that globalization, taking the form of a higher import component of consumption and a larger export component of GDP, is the cause of the apparent breakdown in the relationship between excess demand and inflation. Within a parsimonious empirical framework, we show that increasing openness of the US economy is all that is needed to re-establish the relationship between inflation and capacity utilization. We also show that international trade has a significant separate influence on inflation, and is important for identifying a Phillips curve relationship between unemployment and inflation.

Type of Medium: Electronic Resource

URL: http://dx.doi.org/10.1111/j.1467-9396.2005.00532.x

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