The Small Open Economy New Keynesian Phillips Curve
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The 'new Keynesian' Phillips Curve
Author | : Assaf Razin |
Publisher | : |
Total Pages | : 28 |
Release | : 2001 |
Genre | : Capital market |
ISBN | : |
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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.
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This paper applies GMM estimation to assess empirically the small open-economy New Keynesian Phillips Curve derived in Galí and Monacelli (2005). We obtain a t
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This study estimates the new Keynesian Phillips curve (NKPC) of Gali and Monacelli for a small open economy using Australian data. Our detailed investigation hi
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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 tha
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The Small Open Economy New Keynesian Phillips Curve: Specification, Structural Breaks and Robustness
Type: BOOK - Published: 2019 - Publisher: