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Article: The 'New Keynesian' Phillips curve: Closed economy versus open economy

TitleThe 'New Keynesian' Phillips curve: Closed economy versus open economy
Authors
Razin, AYuen, CW
KeywordsCapital Mobility
New Keynesian
Phillips Curve
Trade
Issue Date2002
PublisherElsevier 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?
DOI: http://dx.doi.org/10.1016/S0165-1765(01)00588-2
AbstractThe 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rigidities, Chapter 3 of Interest and prices: foundations of a theory of monetary policy, Princeton University, 2000; unpublished manuscript] analysis of the closed economy Phillips curve to an open economy with both commodity trade and capital mobility.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 Identifierhttp://hdl.handle.net/10722/177688
ISSN
0165-1765
2021 Impact Factor: 1.469
2020 SCImago Journal Rankings: 0.844
ISI Accession Number ID
WOS:000174339700001
References
References in Scopus

 

DC FieldValueLanguage
dc.contributor.authorRazin, Aen_US
dc.contributor.authorYuen, CWen_US
dc.date.accessioned2012-12-19T09:39:32Z-
dc.date.available2012-12-19T09:39:32Z-
dc.date.issued2002en_US
dc.identifier.citationEconomics Letters, 2002, v. 75 n. 1, p. 1-9en_US
dc.identifier.issn0165-1765en_US
dc.identifier.urihttp://hdl.handle.net/10722/177688-
dc.description.abstractThe 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rigidities, Chapter 3 of Interest and prices: foundations of a theory of monetary policy, Princeton University, 2000; unpublished manuscript] analysis of the closed economy Phillips curve to an open economy with both commodity trade and capital mobility.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.languageengen_US
dc.publisherElsevier BV. The Journal's web site is located at http://www.elsevier.com/locate/ecoleten_US
dc.relation.ispartofEconomics Lettersen_US
dc.rightsThis work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.-
dc.rightsNOTICE: 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.subjectCapital Mobilityen_US
dc.subjectNew Keynesianen_US
dc.subjectPhillips Curveen_US
dc.subjectTradeen_US
dc.titleThe 'New Keynesian' Phillips curve: Closed economy versus open economyen_US
dc.typeArticleen_US
dc.identifier.emailYuen, CW: cwyuen@hku.hken_US
dc.identifier.authorityYuen, CW=rp01123en_US
dc.description.naturepreprinten_US
dc.identifier.doi10.1016/S0165-1765(01)00588-2en_US
dc.identifier.scopuseid_2-s2.0-0036019658en_US
dc.identifier.hkuros71129-
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-0036019658&selection=ref&src=s&origin=recordpageen_US
dc.identifier.volume75en_US
dc.identifier.issue1en_US
dc.identifier.spage1en_US
dc.identifier.epage9en_US
dc.identifier.isiWOS:000174339700001-
dc.publisher.placeNetherlandsen_US
dc.identifier.scopusauthoridRazin, A=7102906968en_US
dc.identifier.scopusauthoridYuen, CW=7101633296en_US
dc.identifier.issnl0165-1765-

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