Department of Economics
                                            Chair of Service Economics and Labor Economics (520G)
                                                                    
                                                                       Prof. Dr. Thomas Beißinger


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Economics of Inflation and Disinflation
 
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New Open Economy Macroeconomics Homepage
The 'New Open Economy Macroeconomics' refers to a growing body of literature that attempts to address open economy issues in a dynamic general equilibrium version of the open economy with nominal rigidities and market imperfections. These intertemporal maximising models have a number of advantages over their older Mundell-Fleming cousins. The microfoundations allow us to write more exacting models. In particular, with market power for agents, we can provide an explicit justification for the Keynesian assumption of short-run demand determined output. Furthermore, with utility maximising agents, we can analyze the welfare implications of policy decisions within the context of the model. While the Mundell-Fleming model continues to be the dominant model of open economy macroeconomics, these new innovations have and hope to continue to yield new insights into the questions that interest those working in the field. This site is maintained by Brian Doyle.