Monetary policy for an open economy-McCallum

ARTICLE - Bennett McCallum and Edward Nelson have written an article "Monetary Policy for an Open Economy: An Alternative Framework with Optimizing Agents and Sticky Prices". The authors use an alternative approach for constructing open economy models by treating imports not as finished consumer goods but rather as raw-material inputs to the home economy's productive process.


The 'new open-economy macroeconomics' seeks to provide an improved basis for monetary and exchange-rate policy

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