In some advanced economies in Europe and North America, it could be the case that the fluctuations in economic activity would vary the size of an output gap, creating pressure up or down on inflation while  2  See Fujiki, Hirakata and Shioji [2012].
After all, the rather swift revival of global value chains following the easing of restrictions over the summer months has demonstrated their stability and their potential for supporting the recovery. But apart from empirically observable trends there is another issue: The COVID-19 crisis may have changed our views on how to position our economies within global value chains.