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Is Digitalization Driving Domestic Inflation?
Mr.Balazs Csonto
Yuxuan Huang
Mr.Camilo E Tovar Mora
出版
International Monetary Fund
, 2019-12-06
主題
Business & Economics / Inflation
Business & Economics / Industries / Computers & Information Technology
Business & Economics / Globalization
ISBN
1513523120
9781513523125
URL
http://books.google.com.hk/books?id=bQ8ZEAAAQBAJ&hl=&source=gbs_api
EBook
SAMPLE
註釋
This paper examines the extent to which digitalization—measured by a new proxy based on IP addresses allocations per country—has influenced inflation dynamics in a sample of 36 advanced and emerging economies over 2000-2017. Phillips curve estimates show that digitalization has a statistically significant negative effect on inflation in the short run. Its economic impact is not large but has increased since 2012 and mainly operates through a cost/competition channel. Principal components and cointegration analysis further suggest digitalization is a key driver of lower trend inflation.