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来源类型Working Paper
规范类型报告
DOI10.3386/w27957
来源IDWorking Paper 27957
Offshoring and Inflation
Diego A. Comin; Robert C. Johnson
发表日期2020-10-19
出版年2020
语种英语
摘要Did trade integration suppress inflation in the United States? Conventional wisdom says “yes,” based on the disinflationary supply-side impacts of trade. We argue that these supply-side arguments are incomplete, because trade integration also influences aggregate demand. Our analysis leverages two facts: trade integration was a long-lasting, phased-in shock, and offshoring accounts for a large share of it. Given these facts, we show trade integration is inflationary in conventional New Keynesian models. This result continues to hold when we account for US trade deficits, the pro-competitive effects of trade on domestic markups, and cross-sector heterogeneity in trade integration.
主题Macroeconomics ; Monetary Policy ; International Economics ; Trade ; International Macroeconomics ; Globalization and International Relations
URLhttps://www.nber.org/papers/w27957
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/585631
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Diego A. Comin,Robert C. Johnson. Offshoring and Inflation. 2020.
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