Openness and Inflation
构建两国一般均衡模型，分析相机抉择下的最优通胀率，发现开放度与通胀并非简单反向关系，开放度提高可能促使政策制定者更激进地利用短期菲利普斯曲线，导致更高通胀。
This paper develops a two‐country general equilibrium model to analyze the optimal rate of inflation under discretion. When agents' welfare is the sole policy objective it is possible to show that openness and inflation no longer have a simple inverse relationship. Because the terms of trade are related to monopoly markups, a greater degree of openness may lead the policymaker to exploit the short‐run Phillips curve more aggressively, even if it involves a smaller short‐run benefit. Inflation can then be higher in a more open economy.