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Working Paper

The efficiency wages Phillips curve: closed economy versus open economy

Kiel Working Papers, 1715

Authors

  • Vaona
  • A.

Publication Date

JEL Classification

E3 E20 E40 E50

Key Words

Efficiency Wages

Inflation

money growth

Phillips curve

Phillips-Kurve

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

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