Inflation in open economies
研究通货膨胀率与经济开放程度的关系，发现开放度影响通胀激励的机制源于非贸易部门的垄断竞争和价格刚性，而非大国贸易条件效应，实证支持模型预测。
This paper relates the time-consistent inflation rate to the degree of trade openness of an economy. The mechanism linking the welfare effects of monetary surprises (and hence the incentives to inflate) to openness does not rely on a large-country terms of trade effect but rather is due to imperfect competition and nominal price rigidity in the non-traded sector. The empirical evidence supports the main predictions of the model. © 1997 Elsevier Science B.V.