French paper models flattening Philips curve
Working paper develops a two-country, new-Keynesian model
Research published by the Banque de France develops a model to "rationalise" the flattening of the Philips curve in response to globalisation, defined by the author as a fall in trade costs.
The working paper, Globalization, market structure and the flattening of the Phillips curve, by Sophie Guilloux-Nefussi, identifies a decline in the sensitivity of inflation to domestic slack in developed countries over the past 25 years and notes it "has been often attributed to globalisation".
The author
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