Globalisation, inflation and monetary policy in Asia and the Pacific

BIS Papers No 77
March 2014

The People's Bank of China and the Bank for International Settlements co-hosted a research conference on "Globalisation and Inflation Dynamics in Asia and the Pacific" on 23-24 September 2013 in Beijing. This was the wrap-up conference for the BIS Asian Office's two-year research programme on globalisation and inflation that was launched by the Asian Consultative Council in February 2012.

The event brought together senior officials and researchers from central banks, international organisations and academia. Governor Zhou Xiaochuan of the People's Bank of China made the opening remarks and former Governor Masaaki Shirakawa of the Bank of Japan delivered the keynote address.

The research papers presented at the conference covered the dynamics of inflation forecasts in the region; the measurement of economic slack; supply chains and inflation spillovers; financial globalisation and the role of exchange rate in monetary policy; global commodity price cycles and their monetary policy implications; and the role of inflation in China's monetary policy rule.

This volume is a collection of the speeches, presentations and a background paper from the conference.

Keywords: globalisation, inflation, monetary policy, spillovers, inflation forecasts, economic slack, commodity prices, exchange rate pass-through

JEL classification: E52, E58, E31, F62, F68

Session I

Keynote address

Session II

Session III

Background paper