Ekonominin Dış Ticarete Açıklık Derecesi ve Üretim/Enflasyon Ödünleme İlişkisi

Ayşen Araç ()

Sosyoekonomi Journal, 2013, issue 19(19)

Abstract: It is quite important to determine the effects of the degree of openness to trade on average inflation and the slope of the Phillips curve, which measures the tradeoff between output gap and inflation, in macroeconomic policy analysis. In the related literature, it is claimed that the Phillips curve is likely to be steeper in relatively open economies, which weakens the policy authority’s incentive to increase output rate by creating an unexpected inflation. However, some empirical studies show that the slope of the Phillips curve will be relatively flatter as the degree of openness increases. As a result of conflicting results in empirical studies, the issue of determining the effect of the degree of openness on the slope of the Phillips curve turned into a puzzle. The aim of this paper is twofold: first to examine the effects of openness on the slope of Phillips curve, and second to show the impact of monetary policy credibility on these effects.

Keywords: Phillips Curve; Openness to Trade; Monetary Policy; Credibility. (search for similar items in EconPapers)
JEL-codes: E31 E52 E58 F41 (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:sos:sosjrn:130102

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