The Global Dimension of Inflation – Evidence from Factor‐Augmented Phillips Curves*
研究了1980至2007年间24个OECD国家通胀的全球维度，发现单位劳动成本变化的共同成分对通胀有显著影响，进口价格、外国竞争和全球利率变动也会影响通胀。
Abstract We examine the global dimension of inflation in 24 OECD countries between 1980 and 2007 in a Phillips curve framework. We decompose output gaps and changes in unit labour costs into common (or global) and idiosyncratic components using a factor analysis and introduce these components separately in the regression. We find that the common component of changes in unit labour costs has a notable impact on inflation. Movements in import price inflation (not driven by oil supply) and foreign competition and global interest rate developments also affect inflation. Policy makers need to carefully observe those variables when assessing inflation developments.