Developments in inflation  2 Auer, R., C. Borio, and A. Filardo (2017) "The globalisation of inflation: the growing importance of  global value chains," BIS Working Papers, 602. 3 Andrews, D., P. Gal, and W. Witheridge (2018) "A genie in a bottle? Globalisation, competition, and inflation," OECD Economics Department Working Papers, 1462. 4 Forbes, K. (2018) "Has globalization changed the inflation process?"
Paper presented at 17th BIS Annual Research Conference on June 22, 2018. 2  expectations are influenced by the actual inflation at short horizons, but it is generally considered that they are eventually determined by some anchor point at longer horizons. This last point leads to one answer to the question how monetary policy challenges from spillovers can be met.