@techreport{Bofinger2006Teaching,
abstract = {For the open economy the workhorse model in intermediate textbooks still is the Mundell-Fleming model, which
basically extends the IS-LM model to open economy problems. The purpose of this paper is to present a simple New
Keynesian model of the open economy, that introduces open economy considerations into the closed economy
consensus version and that still allows for a simple and comprehensible analytical and graphical treatment. Above
all, our model provides an efficient tool kit for the discussion of the costs and benefits of fixed and flexible
exchange rates, which also was at the core of the Mundell-Fleming model.},
author = {Peter Bofinger and Eric Mayer and Timo Wollmersh\"{a}user},
copyright = {http://www.econstor.eu/dspace/Nutzungsbedingungen},
keywords = {F41; E50; E10; A20; 330; open economy; inflation targeting; monetary policy rules; New Keynesian macroeconomics},
language = {eng},
number = {66},
title = {Teaching New Keynesian Open Economy Macroeconomics at the Intermediate Level},
type = {W\"{u}rzburg economic papers},
url = {http://hdl.handle.net/10419/22359},
year = {2006}
}
