Hoon, Hian Teck; Phelps, Edmund S. - East Asian Bureau of Economic Research (EABER) - 2007
Open-economy macroeconomics contains a monetary model in the Keynesian tradition that is deemed serviceable for analyzing the short run and a nonmonetary neoclassical model thought capable of handling the long run. But do the Keynesian and neoclassical models meet the challenges thrown out by...