The efficiency wages Phillips curve: Closed economy versus open economy

Andrea Vaona

No 1715, Kiel Working Papers from Kiel Institute for the World Economy (IfW Kiel)

Abstract: The paper extends the efficiency wages Phillips curve from a closed economy context to an open economy one with both commodity trade and capital mobility. Opening the trade account does not alter the slope of the Phillips curve, but it makes its position a function of the change of foreign and domestic outputs. Opening the capital account also alters the slope of the Phillips curve.

Keywords: Efficiency wages; money growth; Phillips curve; inflation (search for similar items in EconPapers)
JEL-codes: E20 E3 E40 E50 (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:ifwkwp:1715

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