Globalization and the Phillips Curve

Here is an interesting post by the (most likely) author of your Economics textbook, Greg Mankiw: Globalization and the Phillips Curve

In addition, he makes an interesting comment on Globalization,

My sense is that, as a general matter, globalization as a phenomenon, while no doubt significant in many ways, nonetheless gets more attention than it deserves. We see this manifest itself in many ways. For example, the Chinese exchange rate is not a major issue facing the U.S. economy, yet somehow it manages to get a lot of attention, while more serious problems are routinely ignored.

Oh... and some background on the Phillips Curve.