Productivity, however, has slowed in the advanced economies in the last ten years. 15 Technology can affect inflation indirectly as well, by fostering globalization and the development of global value chains. 16 The ‘Amazon effect’ is one such technology factor: 17 the internet allows consumers to compare prices, thereby reducing retailers’ margins with repercussions on price levels and dynamics.
18  12 13 14 15 16  17 18  Rates will be raised and reinvestment interrupted only well past the horizon of the ECB’s net asset purchases. See, for example, Jens Weidmann’s speech on 18 January 2018. Cf. Auer, Borio and Filardo (2017). See Manaresi and Pierri (2017).