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Monetary Policy and the International Implications of the Phillips Curve in an Open Economy
Alogoskoufis, George - C.E.P.R. Discussion Papers - 1987
In this paper I examine optimal monetary policy and the informational implications of the Phillips curve in a stochastic model of a small open economy. It is assumed that the economy produces both traded and non-traded goods, that capital mobility is perfect and that the economy faces a variety...
Persistent link: https://www.econbiz.de/10005661914
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Evaluating An Estimated New Keynesian Small Open Economy Model
Adolfson, Malin; Laséen, Stefan; Lindé, Jesper; … - C.E.P.R. Discussion Papers - 2007
Evans (2005) and Smets and Wouters (2003) using Bayesian estimation techniques on Swedish data. To account for the switch to … an inflation targeting regime in 1993 we allow for a discrete break in the central bank's instrument rule. A key equation …
Persistent link: https://www.econbiz.de/10005661438
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The Phillips Curve Under State-Dependent Pricing
Bakhshi, Hasan; Khan, Hashmat; Rudolf, Barbara - C.E.P.R. Discussion Papers - 2006
-term inflation is derived from the dynamic stochastic general equilibrium (DSGE) model with state-dependent pricing developed by …-type price-setting as a special case. It describes current inflation as a function of lagged inflation, expected future inflation … find that current inflation depends positively on its own lagged values giving rise to intrinsic persistence as a source of …
Persistent link: https://www.econbiz.de/10005124007
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Calvo Contracts: A Critique
Minford, Patrick; Peel, David - C.E.P.R. Discussion Papers - 2004
The Calvo contract Phillips Curve is widely indexed for general inflation, using either core inflation or other … that optimal indexation would by contrast use the rational expectation of inflation. If this scheme is implemented, the …
Persistent link: https://www.econbiz.de/10005792519
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A Macro-Theoretic Model of the Chinese Economy
Dixon, Huw David - C.E.P.R. Discussion Papers - 1996
A stylized model of the Chinese economy is developed with three production sectors: agriculture, non-traded industrial goods, and industrial exports. The state purchases food from farmers by dual-track pricing; urban food sales are subsidized through ration coupons. Marginal prices clear markets...
Persistent link: https://www.econbiz.de/10005123495
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Growth in Open Economies
Rebelo, Sérgio - C.E.P.R. Discussion Papers - 1992
This paper provides a survey of recent growth models that attempt to explain the cross-country diversity in rates of economic growth. It shows that these models can only generate differences in growth rates in the absence of international capital markets. With free international capital mobility...
Persistent link: https://www.econbiz.de/10005123806
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Re-Evaluating Swedish Membership in EMU: Evidence from an Estimated Model
Söderström, Ulf - C.E.P.R. Discussion Papers - 2008
inflation and GDP growth might have been slightly higher if Sweden had been a member of EMU since the launch in 1999, but also …
Persistent link: https://www.econbiz.de/10005124237
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Business Cycles in a Small Open Economy
Correia, Isabel; Neves, Joao C; Rebelo, Sérgio - C.E.P.R. Discussion Papers - 1994
This paper discusses a dynamic model that is consistent with the main empirical regularities of economic fluctuations in open economies. While other models in this class have relied on non-separable preferences or finite horizons to generate a realistic consumption volatility, we show that there...
Persistent link: https://www.econbiz.de/10005124343
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Price Stability as a Nash Equilibrium in Monetary Open-Economy Models
Benigno, Gianluca; Benigno, Pierpaolo - C.E.P.R. Discussion Papers - 2001
A two-country dynamic general-equilibrium model with imperfect competition and price stickiness is considered. This work shows the conditions under which price stability can implement the flexible-price allocation as a Nash equilibrium. This is possible if and only if both countries maintain a...
Persistent link: https://www.econbiz.de/10005136428
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Caution or Activism? Monetary Policy Strategies in an Open Economy
Ellison, Martin; Sarno, Lucio; Vilmunen, Jouko - C.E.P.R. Discussion Papers - 2004
We examine optimal policy in a two-country model with uncertainty and learning, where monetary policy actions affect the real economy through the real exchange rate channel. Our results show that whether policy should be cautious or activist depends on the size of one country relative to...
Persistent link: https://www.econbiz.de/10005067656