International Competition and Inflation: A New Keynesian Perspective
构建并估计了一个开放经济新凯恩斯菲利普斯曲线，发现来自国外的竞争压力通过改变企业期望加价影响国内通胀，解释了1990年代国内商品价格通胀下降4个百分点中超过一半的原因。
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 yields the standard NKPC under constant elasticity and no role for foreign competition to influence domestic inflation. Foreign competition plays an important role in accounting for the behavior of traded goods price inflation. Foreign competition accounted for more than half of a 4 percentage point decline in domestic goods price inflation in the 1990s. Our results also provide evidence against demand curves with a constant elasticity.