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The "New Keynesian" Phillips Curve: Closed Economy vs. Open Economy / Assaf Razin, Chi-Wa Yuen.
- Format:
- Book
- Author/Creator:
- Razin, Assaf.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w8313.
- NBER working paper series no. w8313
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- The "New Keynesian" Phillips Curve
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2001.
- Summary:
- 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.
- Notes:
- Print version record
- June 2001.
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