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This paper extends the efficiency wages/partially adaptive expectations Phillips curve, otherwise known as the price-price Phillips curve, from a closed economy context to an open economy one with both commodity trade and capital mobility. We also...

Kiel Policy Brief No. 23: In November 2010, the Federal Reserve Bank announced to pursue another round of quantitative easing.

Rainer Thiele says the IMF that provides financial assistance to its members has learned from its mistakes, but it still cannot solve actual problems.

Kiel Policy Brief No. 36: The period of imported price stability in the advanced economies may come to an end soon as inflation in China is starting to accelerate.

Kiel Policy Brief No. 46: In contrast to academic recommendations monetary authorities all over the world intervene on the foreign exchange market to actively manage the exchange rate.