Bowdler, Christopher - In: Journal of International Money and Finance 28 (2009) 1, pp. 148-160
Recent research suggests that the Phillips curve slope, measured using sacrifice ratios from the period 1961-88, is positively related to trade openness, contradicting the Romer [1993. Openness and inflation: theory and evidence. Quarterly Journal of Economics 108, 869-903.] hypothesis that...