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Remembering Inflation$
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Brigitte Granville

Print publication date: 2013

Print ISBN-13: 9780691145402

Published to Princeton Scholarship Online: October 2017

DOI: 10.23943/princeton/9780691145402.001.0001

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Inflation in an Open World

Inflation in an Open World

Does That Change the Rules?

Chapter:
(p.186) Chapter 7 Inflation in an Open World
Source:
Remembering Inflation
Author(s):

Brigitte Granville

Publisher:
Princeton University Press
DOI:10.23943/princeton/9780691145402.003.0007

This chapter argues that the principles underlying the problem of inflation and how to contain it have not been superseded by globalization, and that the notion that globalization calls for a complete rethinking of the ideas presented in the previous chapters is misconceived. The chapter examines the cases that various changes in external conditions—that is, the results of globalization—call for a changed understanding of the causes and cure of inflation. Three different aspects of globalization that have been held to bring about these changes to the inflation picture are considered in turn: the expansion of international trade, the effects of increased competition and productivity, in particular as regards capacity utilization constraints, and the implications of financial openness and integration (cross-border financial flows) for domestic monetary policy.

Keywords:   inflation, globalization, monetary policy, fiscal policy, international trade, competition, capacity utilization, financial integration

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