Temple (2002) empirically challenges Romer's (1993) negative openness-inflation relation on empirical grounds. This article links economic openness to the slopes of aggregate supply (AS) and aggregate demand (AD) to explain why the openness-inflation relation can be ambiguous. Starting with a...

Temple (2002) argues that the inflation level used in Romer (1993) lacks power in revealing the policy intentions of monetary authorities. Temple also points out that Romer's use of the openness–inflation correlation cannot be explained by time consistency theory. In this article, we...

We study the effect of economic openness on domestic prices by linking the quantity theory of money (QTM) with purchasing power parity (PPP). Our model pertains to long run domestic price movements, and shows that economic openness has a negative relation with QTM and a positive relation with...

This note constructs a new ranking of economics departments that employs a measure of teaching-focused research productivity, an area of growing importance in recent years. The ranking methodology presented here aggregates and orders citations to an institution's research output that is...

This paper investigates the relation between economic openness and the aggressiveness of monetary authorities to ensure price stability. In a sample of 114 countries for the period 1949-2001, we find that more open economies tend to have more aggressive monetary policies which results in less...

The assumption of homogenous representative agents with perfect rationality is challenged by recent macroeconomic literature. In this paper, we consider an asymmetric information diffusion process from more-informed to less-informed agents in a standard cobweb-type expectation model. Our main...