effects between a greater extent of exchange-rate pass through and openness to international trade as factors that we find … both contribute to lower inflation. The interplay between the inflation effects of pass through and openness suggest that … both pass through and openness can interact to influence the sacrifice ratio, and we empirically explore the nature of the …

interaction among openness, central bank independence, and the inflation rate. Our model suggests that an increase in the …-tax progressivity on inflation is smaller when the central bank places a higher weight on inflation or when there is greater openness …

variations in both trade openness and capital mobility can influence the sacrifice ratio. Key predictions forthcoming from the …

-output trade-off and suggests that the ultimate effect of openness on the output-inflation relationship is influenced by a variety … effect of openness on the sacrifice ratio. We develop a simple theoretical model showing how both the extent of pass through … and openness can interact to influence the output-inflation relationship. Next we empirically explore the nature of these …

greater central bank independence; and (3) increased openness is more likely to reduce inflation in nations with less …