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Article: The "New Keynesian" Phillips Curve: Closed Economy vs. Open Economy
| Title | The "New Keynesian" Phillips Curve: Closed Economy vs. Open Economy |
|---|---|
| Authors | |
| Issue Date | 2001 |
| Publisher | Elsevier BV. |
| Citation | Economics Letters, 2002, v. 75, p. 1-9 How to Cite? |
| Abstract | The paper extends Woodford's (2000) 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. |
| Persistent Identifier | http://hdl.handle.net/10722/114926 |
| ISSN | 2023 Impact Factor: 2.1 2023 SCImago Journal Rankings: 0.729 |
| DC Field | Value | Language |
|---|---|---|
| dc.contributor.author | Razin, A | en_HK |
| dc.contributor.author | Yuen, CW | en_HK |
| dc.date.accessioned | 2010-09-26T05:22:16Z | - |
| dc.date.available | 2010-09-26T05:22:16Z | - |
| dc.date.issued | 2001 | en_HK |
| dc.identifier.citation | Economics Letters, 2002, v. 75, p. 1-9 | - |
| dc.identifier.issn | 0165-1765 | - |
| dc.identifier.uri | http://hdl.handle.net/10722/114926 | - |
| dc.description.abstract | The paper extends Woodford's (2000) 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. | - |
| dc.language | eng | en_HK |
| dc.publisher | Elsevier BV. | en_HK |
| dc.relation.ispartof | Economics Letters | en_HK |
| dc.title | The "New Keynesian" Phillips Curve: Closed Economy vs. Open Economy | en_HK |
| dc.type | Article | en_HK |
| dc.identifier.email | Yuen, CW: cwyuen@hku.hk | en_HK |
| dc.identifier.authority | Yuen, CW=rp01123 | en_HK |
| dc.description.nature | link_to_subscribed_fulltext | - |
| dc.identifier.doi | 10.3386/w8313 | - |
| dc.identifier.hkuros | 63447 | en_HK |
| dc.identifier.issnl | 0165-1765 | - |