New Open Economy Macroeconomics

Giancarlo Corsetti

No 2007/27, RSCAS Working Papers from European University Institute

Abstract: The New Open Economy Macroeconomics refers to a vast body of literature embracing a new theoretical framework for policy analysis in open economy, with the goal of overcoming the limitations of the Mundell-Fleming model, while preserving the empirical wisdom and policy friendliness of traditional analysis. Starting in the early 1990s, 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; they have raised issues in the desirability of international policy coordination.

Keywords: Open economy models; exchange rates; stabilization policy; Mundell-Fleming (search for similar items in EconPapers)
Date: 2007-11-09
New Economics Papers: this item is included in nep-cba, nep-ifn, nep-mac and nep-opm
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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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