Global factors appear responsible for at least some of the inflation witnessed worldwide since the 2008 financial crisis, according to a working paper published by the Bank for International Settlements.

Martina Jašová, Richhild Moessner and Előd Takáts consider the relative importance of domestic and global output gaps for inflation, noting globalisation has arguably made international factors more important in recent years.

The authors make use of a New Keynesian Phillips curve framework