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Federal Reserve Bank of San Francisco
Working Paper Series
Inflation Globally
Oscar Jorda
Fernanda Nechio
Abstract

The Phillips curve remains central to stabilization policy. Increasing financial linkages, international supply chains, and managed exchange rate policy have given core currencies an outsized influence on the domestic affairs of world economies. We exploit such influence as a source of exogenous variation to examine the effects of the recent financial crisis on the Phillips curve mechanism. Using a difference-in-differences approach, and comparing countries before and after the 2008 financial crisis sorted by whether they endured or escaped the crisis, we are able to assess the evolution of the Phillips curve globally.


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Oscar Jorda & Fernanda Nechio, Inflation Globally, Federal Reserve Bank of San Francisco, Working Paper Series 2018-15, 07 Dec 2018.
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DOI: 10.24148/wp2018-15
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