The new open economy macroeconomics: a survey

By Philip R. Lane. 2001

761 citations recorded by the source corpus.

Subfields: Economics and Econometrics

View Paper: https://www.semanticscholar.org/paper/03ff3f018151bdfb1899ae60376b7902d32f7a3a

How researchers see this paper

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In Economics and Econometrics

1. Philip R. Lane
2. Hélène Rey
3. Kenneth S. Rogoff
4. M. Obstfeld
5. G. Milesi-Ferretti
6. Michael B. Devereux
7. Oleg Itskhoki
8. Eswar S. Prasad

Citations in the corpus

• Understanding bilateral exchange rate volatility (2003, background): “Let the share of non-traded goods in GDP be 50 percent, so a=0.5 (see Devereux and Lane (2001) for justification).”
• Monetary Policy in a Low Pass-Through Environment (2005, neutral): “See Lane (2001) for a survey.”
• Financial Integration and Macroeconomic Volatility (2003, positive): “8 Buch, Dopke, and Pierdzioch (2002) use data for 25 OECD countries to examine the link between financial openness and business cycle volatility.”
• What is Global Excess Liquidity, and Does it Matter? (2006, background): “20 See Sims and Zha (1998) for a justification of this assumption.”
• Incomplete Pass-Through and the Welfare Effects of Exchange Rate Variability (2005, neutral): “where Y ¤ 2 = 1 1¡ à μ 1 ! CF;2 + C ¤ F;2 ¶ = C¤ μ P ¤ F;2 P ¤ ¶¡1 (25)”
• Testing hypotheses in an I(2) model with piecewise linear trends. An analysis of the persistent long swings in the Dmk/$ rate (2010, background): “The literature has attempted to account for such uctuations with an REH sticky-price monetary model, such as Dornbusch (1976) or one of its New Open Economy Macroeconomic (NOEM) formulations, see Lane (2001) for a review article of the NOEM literature.”
• Monetary policy and welfare in a small open economy (2009, background): “As shown in equation (24) and (23), the real exchange rate in‡uences the relative price of Home produced goods and modi…es the small open economy’s demand.”
• A Simple Framework for International Monetary Policy Analysis (2002, neutral): “By 1Some examples of this recent literature include: Obstfeld and Rogoff (2000a, b), Corsetti and Pesenti (2001a), Kollman (2001), Devereux and Engel (2001), Lane (2001), and Chari et al. (2000).”
• Towards a Solution to the Puzzles in Exchange Rate Economics: Where Do We Stand? (2005, background): “Indeed, the implications of open economy dynamic models are sensitive to the presence or absence of a unit root in the real exchange rate (e.g. Lane, 2001; Sarno, 2001).”
• Do Central Banks Respond to Exchange Rate Movements? A Structural Investigation (2007, background): “Our paper relates to the New Open Economy Macroeconomics originated by Obstfeld and 3 Rogoff (1995) and recently surveyed by Lane (2001).”
• Concepts of equilibrium exchange rates (2005, background): “In general, the CHEER approach has tended to suggest higher estimated speeds of convergence than is found for simple PPP estimates; see for example Johansen and Juselius (1992), MacDonald and Marsh (1997), and Juselius and MacDonald (2000).”
• Exchange Rates and Fundamentals: Evidence on the Economic Value of Predictability (2005, background): “Prior research on the ability of monetary-fundamentals models to forecast exchange rates relies on statistical measures of forecast accuracy, like mean squared errors.”
• New Directions for Stochastic Open Economy Models (2000, background): “There has been an explosion of academic literature on the ‘‘new open economy macroeconomics’’ in the last several years (see Lane, 1999 for an excellent *Corresponding author.”
• Exchange Rate Pass-Through in the Euro Area: The Role of Asymmetric Pricing Behavior (2004, neutral): “See also Lane (2001) for a review.”