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Article: The 'New Keynesian' Phillips curve: Closed economy versus open economy
Title | The 'New Keynesian' Phillips curve: Closed economy versus open economy |
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Authors | |
Keywords | Capital Mobility New Keynesian Phillips Curve Trade |
Issue Date | 2002 |
Publisher | Elsevier BV. The Journal's web site is located at http://www.elsevier.com/locate/ecolet |
Citation | Economics Letters, 2002, v. 75 n. 1, p. 1-9 How to Cite? |
Abstract | The paper extends Woodford's [Optimizing models with nominal rigidities, Chapter 3 of Interest and prices: foundations of a theory of monetary policy, Princeton University, 2000; unpublished manuscript] analysis of the closed economy Phillips curve to an open economy with both commodity trade and capital mobility. We show that consumption smoothing, which comes with the opening of the capital market, raises the degree of strategic complementarity among monopolistically competitive suppliers, thus rendering prices more sticky and magnifying output responses to nominal GDP shocks. © 2002 Elsevier Science B.V. All rights reserved. |
Persistent Identifier | http://hdl.handle.net/10722/177688 |
ISSN | 2023 Impact Factor: 2.1 2023 SCImago Journal Rankings: 0.729 |
ISI Accession Number ID | |
References |
DC Field | Value | Language |
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dc.contributor.author | Razin, A | en_US |
dc.contributor.author | Yuen, CW | en_US |
dc.date.accessioned | 2012-12-19T09:39:32Z | - |
dc.date.available | 2012-12-19T09:39:32Z | - |
dc.date.issued | 2002 | en_US |
dc.identifier.citation | Economics Letters, 2002, v. 75 n. 1, p. 1-9 | en_US |
dc.identifier.issn | 0165-1765 | en_US |
dc.identifier.uri | http://hdl.handle.net/10722/177688 | - |
dc.description.abstract | The paper extends Woodford's [Optimizing models with nominal rigidities, Chapter 3 of Interest and prices: foundations of a theory of monetary policy, Princeton University, 2000; unpublished manuscript] analysis of the closed economy Phillips curve to an open economy with both commodity trade and capital mobility. We show that consumption smoothing, which comes with the opening of the capital market, raises the degree of strategic complementarity among monopolistically competitive suppliers, thus rendering prices more sticky and magnifying output responses to nominal GDP shocks. © 2002 Elsevier Science B.V. All rights reserved. | en_US |
dc.language | eng | en_US |
dc.publisher | Elsevier BV. The Journal's web site is located at http://www.elsevier.com/locate/ecolet | en_US |
dc.relation.ispartof | Economics Letters | en_US |
dc.rights | This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License. | - |
dc.rights | NOTICE: this is the author’s version of a work that was accepted for publication in <Economics Letters>. Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reflected in this document. Changes may have been made to this work since it was submitted for publication. A definitive version was subsequently published in PUBLICATION, [VOL 75, ISSUE 1, (2002)] DOI 10.1016/S0165-1765(01)00588-2 | - |
dc.subject | Capital Mobility | en_US |
dc.subject | New Keynesian | en_US |
dc.subject | Phillips Curve | en_US |
dc.subject | Trade | en_US |
dc.title | The 'New Keynesian' Phillips curve: Closed economy versus open economy | en_US |
dc.type | Article | en_US |
dc.identifier.email | Yuen, CW: cwyuen@hku.hk | en_US |
dc.identifier.authority | Yuen, CW=rp01123 | en_US |
dc.description.nature | preprint | en_US |
dc.identifier.doi | 10.1016/S0165-1765(01)00588-2 | en_US |
dc.identifier.scopus | eid_2-s2.0-0036019658 | en_US |
dc.identifier.hkuros | 71129 | - |
dc.relation.references | http://www.scopus.com/mlt/select.url?eid=2-s2.0-0036019658&selection=ref&src=s&origin=recordpage | en_US |
dc.identifier.volume | 75 | en_US |
dc.identifier.issue | 1 | en_US |
dc.identifier.spage | 1 | en_US |
dc.identifier.epage | 9 | en_US |
dc.identifier.isi | WOS:000174339700001 | - |
dc.publisher.place | Netherlands | en_US |
dc.identifier.scopusauthorid | Razin, A=7102906968 | en_US |
dc.identifier.scopusauthorid | Yuen, CW=7101633296 | en_US |
dc.identifier.issnl | 0165-1765 | - |