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| Tekijä: | Karras, G. |
| Otsikko: | Openness and the effects of monetary policy |
| Lehti: | Journal of International Money and Finance
1999 : FEB, VOL. 18:1, p. 13-26 |
| Asiasana: | MONETARY POLICY FINANCE INTERNATIONAL |
| Kieli: | eng |
| Tiivistelmä: | Economic theory suggests that an economy's openness reduces the ability of monetary policy to affect output, while increasing its effect 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. |
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