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The "New Keynesian" Phillips Curve: Closed Economy vs. Open Economy

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  • Assaf Razin
  • Chi-Wa Yuen

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.

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File URL: http://www.nber.org/papers/w8313.pdf
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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 8313.

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Date of creation: Jun 2001
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Publication status: published as Razin, Assaf and Chi-Wa Yuen. "The 'New Keynesian' Phillips Curve: Closed Economy Versus Open Economy," Economics Letters, 2002, v75(1,Mar), 1-9.
Handle: RePEc:nbr:nberwo:8313

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  1. Blanchard, Olivier Jean & Kiyotaki, Nobuhiro, 1987. "Monopolistic Competition and the Effects of Aggregate Demand," American Economic Review, American Economic Association, vol. 77(4), pages 647-66, September.
  2. Loungani, Prakash & Razin, Assaf & Yuen, Chi-Wa, 1997. "Capital Mobility and the Output-Inflation Tradeoff," CEPR Discussion Papers 1577, C.E.P.R. Discussion Papers.
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