Another look at global disinflation
Bank for International Settlements, Monetary and Economic Department, 2009 - Business & Economics - 31 pages
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Australia Banerjee Batini Borio and Filardo calculated using regression central banks Coefﬁcients obtained coefﬁcients of equation cointegration columns of Tables common factor const Contributions are calculated disinflation Doornik dynamic factor model effects estimation of equation Estimation results ﬁrst global disinﬂation global economy global import price global relative price global shocks global wage markup globalisation GLS estimation identiﬁcation import price inﬂation import price markup industrial countries inﬂation expectations inﬂation process inﬂation rate inﬂuenced International Settlements Japan Keynesian Phillips curve Koske and Sollie labour shares marginal cost markup model monetary policy shock NKPC notes for Table null hypothesis OECD oil supply shocks panel data percentage point decline price inﬂation Ap regression coefﬁcients relative price adjustments relative price shocks root tests sample countries sample period Sekine speciﬁcations Static long-run coefficients statistically signiﬁcant Sweden unit root United Kingdom variables wage costs wage markup shock Washington D.C.