Global factors in the Great Moderation

Research from the Bank for International Settlements claims that relative price adjustments taking place in the global economy are important sources of the lower rates of inflation which have been observed in recent decades.

The work uses a mark-up model to show substantial effects from declines in wage costs and import prices relative to consumer prices. Examining the five-percentage-point decline in the inflation rates in eight OECD countries at various periods, the research posits that global

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