Type: Contribution to book
New Open Economy Macroeconomics
Steven N. DURLAUF and Lawrence E. BLUME (eds), The New Palgrave Dictionary of Economics, Second Edition, Palgrave Macmillan, 2008, online chapter
CORSETTI, Giancarlo, New Open Economy Macroeconomics, in Steven N. DURLAUF and Lawrence E. BLUME (eds), The New Palgrave Dictionary of Economics, Second Edition, Palgrave Macmillan, 2008, online chapter - https://hdl.handle.net/1814/17632
Retrieved from Cadmus, EUI Research Repository
‘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.
Cadmus permanent link: https://hdl.handle.net/1814/17632
Full-text via DOI: 10.1057/9780230226203.1185
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