Openness and the effects of monetary policy

被引:97
作者
Karras, G [1 ]
机构
[1] Univ Illinois, Dept Econ, Chicago, IL 60607 USA
关键词
openness; monetary policy;
D O I
10.1016/S0261-5606(98)00037-0
中图分类号
F8 [财政、金融];
学科分类号
0202 [应用经济学];
摘要
Economic theory suggests that an economy's openness reduces the ability of monetary policy to affect output, while increasing its effects on inflation. Using annual data from the 1953-1990 period for a panel of 38 countries, the paper's empirical results support the theoretical predictions: the more open the economy, the smaller (larger) the output (inflation) effects of a given change in the money supply. This finding is robust across all the different specifications and estimation methods examined. (C) 1999 Elsevier Science Ltd. All rights reserved.
引用
收藏
页码:13 / 26
页数:14
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