What affects inflation synchronization? To answer this question I employ a two-step approach. First, with the means of dynamic conditional correlations I quantify time-varying price co-movements. Second, I disentangle their sources using panel regressions on a heterogeneous sample of countries. Estimation results indicate that various factors affects inflation synchronization, both in time and across advanced, emerging and least developed economies. Price co-movements tend to strengthen along the unification of monetary policy frameworks, the falling independence of central banks and due to the unconventional monetary policy by the Federal Reserve. Large variations in oil prices affect markedly inflation synchronization, except for low-income countries for which changes in the degree of exchange rate rigidity, the level of inflation and country's development explain the bulk of the variation in price co-movements. Inflation synchronization also intensifies with rising trade tensions, especially in emerging economies, whereas for the UE economies increased synchronization in business cycles as well as recent disinflationary pressures also strengthen price co-movements to some extent.

什么影响通货膨胀同步？为了回答这个问题，我采用了两步法。首先，通过动态条件相关性，我量化了随时间变化的价格联动。其次，我使用不同国家样本的面板回归分析了他们的来源。估计结果表明，各种因素在时间上以及在发达经济体、新兴经济体和最不发达经济体之间影响通胀同步。随着货币政策框架的统一、中央银行独立性的下降以及美联储的非常规货币政策，价格联动趋于加强。石油价格的巨大变化显着影响通货膨胀同步，但低收入国家除外，其汇率刚性程度的变化，通货膨胀水平和国家发展水平解释了价格联动变化的大部分原因。通胀同步也随着贸易紧张局势的加剧而加剧，尤其是在新兴经济体，而对于欧盟经济体而言，商业周期同步性的提高以及最近的通货紧缩压力也在一定程度上加强了价格联动。