Has the rise in globalization reduced U.S. inflation in the 1990s?
研究了1990年代美国经济全球化是否抑制了通胀，发现进口渗透高的行业受进口价格影响更大，外国过剩产能是通胀下降的主因，全球化本身不降低通胀，但增强了对国外经济的敏感性。
This article investigates whether increased globalization of the U.S. economy has helped hold down inflation in the 1990s. Based on several measures, we find that globalization has increased. Further, we find that import prices exert a greater impact on prices of products in industries faced with greater import penetration. High foreign excess capacity accounts for much of the recent decline in U.S. inflation. Our results suggest that the decline in inflation is explained by the interaction of increased globalization and high excess foreign capacity. Globalization by itself does not lead to less inflation, just greater sensitivity to foreign economic conditions.