Openness and the effectiveness of monetary policy: a cross-country analysis

Hakan Berument*, Nazli Konac, Ozge Senay

*Corresponding author for this work

    Research output: Contribution to journalArticlepeer-review

    8 Citations (Scopus)

    Abstract

    This paper evaluates the relationship between a country’s openness to trade and
    the effectiveness of monetary policy in changing output growth and inflation in 29 different countries. Using quarterly data from the 1957–2003 period, empirical estimates based on individual country specifications show that the direction, significance and nature of the relationship between openness and the effectiveness of monetary policy on output growth as well as inflation vary considerably across countries.
    Original languageEnglish
    Pages (from-to)577-591
    Number of pages15
    JournalInternational Economic Journal
    Volume21
    Issue number4
    Early online date22 Nov 2007
    DOIs
    Publication statusPublished - 2007

    Keywords

    • Monetary policy
    • Openness

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