| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7549 |
| DP7549 Foreign Demand for Domestic Currency and the Optimal Rate of Inflation | |
| Martín Uribe; Stephanie Schmitt-Grohé | |
| 发表日期 | 2009-11-15 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | We develop and estimate an open economy New Keynesian Phillips curve (NKPC) in which variable demand elasticities give rise to movements in desired markups in response to changes in competitive pressure from abroad. A parametric restriction on our specification yields the standard NKPC, in which the elasticity is constant, and there is no role for foreign competition to influence domestic inflation. By comparing the unrestricted and restricted specifications, we provide evidence that foreign competition plays an important role in accounting for the behavior of inflation in the traded goods sector. Our estimates suggest that foreign competition accounted for more than half of a 4 percentage point decline in domestic goods inflation in the 1990s. Our results also provide evidence against demand curves with a constant elasticity in the context of models of monopolistic competition. |
| 主题 | International Macroeconomics |
| 关键词 | inflation New keynesian phillips curve Variable markups |
| URL | https://cepr.org/publications/dp7549 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/536385 |
| 推荐引用方式 GB/T 7714 | Martín Uribe,Stephanie Schmitt-Grohé. DP7549 Foreign Demand for Domestic Currency and the Optimal Rate of Inflation. 2009. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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