The 'new Keynesian' Phillips Curve
| Author | : Assaf Razin |
| Publisher | : |
| Total Pages | : 28 |
| Release | : 2001 |
| ISBN-10 | : UCSD:31822030020366 |
| ISBN-13 | : |
| Rating | : 4/5 ( Downloads) |
Book Synopsis The 'new Keynesian' Phillips Curve by : Assaf Razin
Download or read book The 'new Keynesian' Phillips Curve written by Assaf Razin and published by . This book was released on 2001 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
