The study looked at whether globalization affects inflation in industrial countries. They analyzed data from 11 countries and found that foreign factors don't have a big impact on domestic inflation. They also didn't see a clear link between globalization and how inflation responds to changes in domestic output or import prices. Surprisingly, they found that inflation isn't becoming more sensitive to import prices over time. However, globalization might be helping to stabilize the economy and inflation by reducing the volatility of real GDP growth.