Mumtaz, Haroon; Simonelli, Saverio; Surico, Paolo - 2009
share of inflation variation due to a global factor has become larger since 1985. Third, over most of the post-WWII period …, international comovements within regions have accounted for the bulk of fluctuations in business cycle and inflation. Fourth, prices … developments. -- Output growth ; inflation ; geographic identification ; dynamic factor model …