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Er Phillips-kurven på langt sigt lodret i en lille åben økonomi?

Author

Listed:
  • Harck, Søren

    (Handelshøjskolen i Århus)

Abstract

It is usually the case that even analyses of small open economies invoke a vertical long-run Phillips curve (or a long-run supply curve). However, the very logic that is typically adduced in favour of a vertical long-run Phillips curve in a closed economy can in fact easily entail a horizontal long-run Phillips curve in a small open economy with imports of raw materials and/or final goods: in such a case, a modern error correction specification of the wage dynamics can easily suggest that the rate of inflation will eventually stabilise, at any arbitrarily fixed rate of unemployment, and at a level given by the exchange rate adjusted foreign inflation rate.

Suggested Citation

  • Harck, Søren, 2000. "Er Phillips-kurven på langt sigt lodret i en lille åben økonomi?," Nationaløkonomisk tidsskrift, Nationaløkonomisk Forening, vol. 2000(1), pages 243-258.
    • Handle: RePEc:hhs:jdaecn:0287
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    Keywords

    Phillips-kurven; inflation;

    JEL classification:

    • A10 - General Economics and Teaching - - General Economics - - - General

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