New Open Economy Macroeconomics

Giancarlo Corsetti

No 6578, CEPR Discussion Papers from Centre for Economic Policy Research

Abstract: 'New open economy macroeconomics' (NOEM) refers to a body of literature embracing a new theoretical framework for policy analysis in open economy, aiming to overcome the limitations of the Mundell-Fleming model while preserving the empirical wisdom and policy friendliness of traditional analysis. NOEM contributions have developed general equilibrium models with imperfect competition and nominal rigidities, to reconsider conventional views on the transmission of monetary and exchange rate shocks; they have contributed to the design of optimal stabilization policies, identifying international dimensions of optimal monetary policy; and they have raised issues about the desirability of international policy coordination.

Keywords: Exchange rates; International policy coordination; Mundell-fleming model; Open economy models; Stabilization policy (search for similar items in EconPapers)
JEL-codes: F33 F40 F41 F42 (search for similar items in EconPapers)
Date: 2007-11
New Economics Papers: this item is included in nep-cba, nep-ifn, nep-mac and nep-mon
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Citations: View citations in EconPapers (16)

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Working Paper: New Open Economy Macroeconomics (2007)
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