The openness–inflation puzzle revisited

William C. Gruben · Darryl McLeod

72 citations0/0 files storedApplied Economics Letters

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Abstract

Dynamic panel estimates show the negative relation between trade openness and inflation found by Romer (Quarterly Journal of Economics, (VIII, 869–903, 1993) but questioned by Terra (Quarterly Journal of Economics, (XIII, 641–48, 1998) became more robust in the 1990s, both among high income OECD and developing countries. Trade openness was also associated with less variable inflation during the 1990s and had a stronger disinflation effect in economies with floating exchange rates.

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References

1995Another look at the instrumental variable estimation of error-components models 1996Advanced macroeconomics 1993Openness and Inflation: Theory and Evidence 1997Inflation in open economies 1998Openness and Inflation: A New Assessment 2002Openness, Inflation, and the Phillips Curve: A Puzzle

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