Arbeitspapier
Teaching New Keynesian Open Economy Macroeconomics at the Intermediate Level
For the open economy the workhorse model in intermediate textbooks still is the Mundell-Fleming model, which basically extends the IS-LM model to open economy problems. The purpose of this paper is to present a simple New Keynesian model of the open economy, that introduces open economy considerations into the closed economy consensus version and that still allows for a simple and comprehensible analytical and graphical treatment. Above all, our model provides an efficient tool kit for the discussion of the costs and benefits of fixed and flexible exchange rates, which also was at the core of the Mundell-Fleming model.
- Language
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Englisch
- Bibliographic citation
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Series: W.E.P. - Würzburg Economic Papers ; No. 66
- Classification
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Wirtschaft
Open Economy Macroeconomics
Monetary Policy, Central Banking, and the Supply of Money and Credit: General
General Aggregative Models: General
Economic Education and Teaching of Economics: General
- Subject
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open economy
inflation targeting
monetary policy rules
New Keynesian macroeconomics
- Event
-
Geistige Schöpfung
- (who)
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Bofinger, Peter
Mayer, Eric
Wollmershäuser, Timo
- Event
-
Veröffentlichung
- (who)
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University of Würzburg, Department of Economics
- (where)
-
Würzburg
- (when)
-
2006
- Handle
- Last update
-
10.03.2025, 11:43 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Bofinger, Peter
- Mayer, Eric
- Wollmershäuser, Timo
- University of Würzburg, Department of Economics
Time of origin
- 2006
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Ohne ordnungspolitisches Leitbild gehen Sozialreformen in die falsche Richtung
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ECB: Time Is Ripe for a Real Strategy