Inflation comovements in advanced economies: Facts and drivers*

Alvarez, L.J. ; Gadea, M.D. (Universidad de Zaragoza) ; Gomez-Loscos, A.

Resumen: In this paper, we analyse inflation comovements and their macroeconomic drivers across a wide set of advanced economies. We find a high degree of inflation interdependence, which is highest for euro area countries, which show strong trade links and share a common monetary policy. In contrast, core inflation interdependence is very limited. We also find that inflation interconnectedness is a medium- to long-run phenomenon. Inflation comovements across countries are well explained by an open economy new Keynesian Phillips curve.

Idioma: Inglés

DOI: 10.1111/twec.13053

Año: 2021

Publicado en: WORLD ECONOMY 44, 2 (2021), 485-509
ISSN: 0378-5920

Factor impacto JCR: 2.0 (2021)

Categ. JCR: INTERNATIONAL RELATIONS rank: 48 / 96 = 0.5 (2021) - Q2 - T2
Categ. JCR: BUSINESS, FINANCE rank: 75 / 111 = 0.676 (2021) - Q3 - T3
Categ. JCR: ECONOMICS rank: 195 / 382 = 0.51 (2021) - Q3 - T2

Factor impacto CITESCORE: 2.6 - Social Sciences (Q1) - Economics, Econometrics and Finance (Q2) - Business, Management and Accounting (Q2)

Factor impacto SCIMAGO: 0.78 - Economics and Econometrics (Q1) - Political Science and International Relations (Q1) - Finance (Q1)

Financiación: info:eu-repo/grantAgreement/ES/MCIU/ECO2017-83255-C3-1-P
Financiación: info:eu-repo/grantAgreement/ES/MCIU/ECO2017-83255C3-3-P

Tipo y forma: Artículo (PostPrint)

Área (Departamento): Área Economía Aplicada (Dpto. Economía Aplicada)