期刊名称：International Journal of Economics and Finance
印刷版ISSN：1916-971X
电子版ISSN：1916-9728
出版年度：2013
卷号：6
期号：1
页码：138
DOI：10.5539/ijef.v6n1p138
语种：English
出版社：Canadian Center of Science and Education
摘要：This paper develops a New Keynesian open economy model that embeds nontraded goods and produces multiple discretionary equilibria arising in the form of expectations traps. In contrast to the results in previous studies, we find the presence of nontraded goods narrows the region for a deflationary monetary surprise, suggesting that it is critically important for central banks to control inflation expectations in open economies.
