Global factor influences inflation volatility, Italian paper says
Researchers say inflation volatility correlates to oil inflation rates and Chinese producer prices
A working paper published by the Bank of Italy takes a detailed look at how cross-border factors have influenced recent national inflation rates.
In The global component of inflation volatility, Andrea Carriero, Francesco Corsello and Massimiliano Marcellino look at data from a number of countries. The authors present a model that aims to capture the influence of a “global factor” on both the level of inflation and its volatility.
They find that a substantial share of volatility in inflation
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