Open-Economy Macroeconomics: Developments in Theory and Policy
نویسندگان
چکیده
منابع مشابه
New Open Economy Macroeconomics
Starting in the early 1990s, the New Open Economy Macroeconomics refers to a vast body of literature embracing a new theoretical framework for policy analysis in open economy, with the goal of overcoming the limitations of the Mundell-Fleming model, while preserving the empirical wisdom and policy friendliness of traditional analysis. Building general equilibrium models with imperfect competiti...
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This paper summarizes recent developments in the theory and practice of monetary policy in a closed economy and explains what these developments mean for United States dollar policy. There is no conflict between what is appropriate U.S. monetary policy at home or abroad because the dollar is the world’s key currency. Both at home and abroad, the main problem for U.S. policymakers is to provide ...
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I would like to thank Akihisa Shibata, associate professor of the Institute of Economic Research, Kyoto University, and the staff of the Institute for Monetary and Economic Studies (IMES), Bank of Japan for their useful comments. Tomiyuki Kitamura and Junko Miyoshi of IMES Research Division I provided valuable assistance with the model analyses, graph preparations, etc. The views expressed here...
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This paper presents a potential solution to the home bias puzzle based on a new open economy macroeconomics model. In response to technology shocks, sticky prices generate a negative correlation between labor income and the profits of domestic firms, leading to home bias in equity holdings. In contrast, under flexible prices, labor income and the profits of the domestic firms are positively cor...
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ژورنال
عنوان ژورنال: Scandinavian Journal of Economics
سال: 1998
ISSN: 0347-0520,1467-9442
DOI: 10.1111/1467-9442.00101