2020 年 24 巻 4 号 p. 461-467
Based on the panel data from 1990 to 2018, this paper analyzes the regional difference in the impact of changes in price terms of trade and changes in income terms of trade on inflation by establishing the Hybrid NKPC model under the open economy. The empirical results show that the changes in price terms of trade and the changes in expected price have a significant negative and positive impact on the current inflation rate for each region. The changes in income terms of trade and the changes in expected income terms of trade have significant negative and positive effects on the inflation for each region. There is a significant difference in the degree of impact on the regional inflation and the degree of impact will further strengthen. Therefore, the change in terms of trade is an important determinant of the level and trend of domestic inflation in both the short term and long term.