López-Villavicencio, Antonia; Saglio, Sophie - In: Review of International Economics 22 (2014) 4, pp. 744-758
This paper investigates whether trade and financial openness has weakened the inflation–output trade-off and caused a shift in the preferences of monetary authorities. Based on the backward-looking Phillips curve and a Taylor-type interest rate rule, our results for France, the UK and the USA...