کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
964406 | 930522 | 2009 | 13 صفحه PDF | دانلود رایگان |
![عکس صفحه اول مقاله: Openness, exchange rate regimes and the Phillips curve Openness, exchange rate regimes and the Phillips curve](/preview/png/964406.png)
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 disinflations are less costly in open economies. In this paper I consider sacrifice ratios and output–inflation trade-offs from 1981–98 and allow their dependence on openness to vary with the exchange rate regime. Sacrifice ratios are weakly negatively related to openness, but the strength of the relationship does not increase with exchange rate flexibility. Output–inflation trade-offs are negatively related to openness, and the strength of the relationship increases with exchange rate flexibility.
Journal: Journal of International Money and Finance - Volume 28, Issue 1, February 2009, Pages 148–160