@article{article_473126, title={GLOBAL MACROECONOMIC THEORY IN MEANSTREAM ECONOMICS: CURRENT ACCOUNT DYNAMICS IN NEW OPEN MACRO ECONOMİCS (NOEM)}, journal={Ege Academic Review}, volume={9}, pages={1485–1510}, year={2009}, author={Orhan, S. Sevinç}, keywords={new open macroeconomics (NOEM), current accaunt dynamics, monetary transmisison mechanism, monetary shocks}, abstract={The New Open Macroeconomics (NOEM) literature in meanstream economics has developed for the last ten years. NOEM literature contends the optimal monetary policy argument and the coordination problems of optimal monetary policy in global economy. The NOEM Literature has an empirical and theoretical content that is explored the optimal monetary policy in the cross cauntries. The monetary transmission process in New Keynessian Economics disputes the small and open economy in which mark-up prices and wages are stickiness. Obstfeld and Rogoff (1995) contribution, which is based on the Mundell-Fleming and Keynesian tradition, to NOEM Literature draws attantion to the stickness of current producers’ export prices}, number={4}, publisher={Ege University}