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Direct linkBofinger, Peter; Mayer, Eric; Wollmershauser, Timo – Journal of Economic Education, 2009
For the open economy, the workhorse model in intermediate textbooks still is the Mundell-Fleming model, which basically extends the investment and savings, liquidity preference and money supply (IS-LM) model to open economy problems. The authors present a simple New Keynesian model of the open economy that introduces open economy considerations…
Descriptors: Economics Education, Macroeconomics, Models, International Trade
