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The impact of global economies on US inflation: A test of the Phillips curve

  • 02-06-2022
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Abstract

The article delves into the intricate relationship between employment and inflation, highlighting the weakening trend in the traditional Phillips curve relationship. It introduces a novel global inflation measure derived from principal component analysis of major US trade partners' inflation rates. The study then tests this measure's correlation with domestic inflation, demonstrating its significance in both short and long-term forecasts. Furthermore, the paper explores the theoretical underpinnings of this relationship, including the impact of globalization on domestic economic indicators. The findings have crucial implications for policymakers and financial analysts seeking to understand the complex dynamics of inflation in a globalized economy.

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Title
The impact of global economies on US inflation: A test of the Phillips curve
Authors
Hany Guirguis
Vaneesha Boney Dutra
Zoe McGreevy
Publication date
02-06-2022
Publisher
Springer US
Published in
Journal of Economics and Finance / Issue 3/2022
Print ISSN: 1055-0925
Electronic ISSN: 1938-9744
DOI
https://doi.org/10.1007/s12197-022-09583-x
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