The small open-economy New Keynesian Phillips Curve: empirical evidence and implied inflation dynamics

In this paper we apply GMM estimation to assess the relevance of domestic versus external determinants of CPI inflation dynamics in a sample of OECD countries typically classified as open economies. The analysis is based on a variant of the small open-economy New Keynesian Phillips Curve derived in Galí and Monacelli (Rev Econ Stud 72:707–734, 2005), where the novel feature is that expectations about fluctuations in the terms of trade enter explicitly. For most countries in our sample the expected relative change in the terms of trade emerges as the more relevant inflation driver than the contemporaneous domestic output gap.

Inflation dynamics in the new EU member states: how relevant are external factors?

In this paper we evaluate the relative influence of external versus domestic inflation drivers in the 12 new European Union (EU) member countries. Our empirical analysis is based on the New Keynesian Phillips Curve (NKPC) derived in Galí and Monacelli (2005) for small open economies (SOE). Employing the generalized method of moments (GMM), we find that the SOE NKPC is well supported in the new EU member states. We also find that the inflation process is dominated by domestic variables in the larger countries of our sample, whereas external variables are mostly relevant in the smaller countries.

Globalisation and the evolution of international retailing: a comment on Alexander's 'British overseas retailing, 1900-1960'

Nicholas Alexander's (2011. British overseas retailing, 1900–60: International firm characteristics, market selections and entry modes. Business History, 53, 530–556) survey of British overseas retailers from 1900 to 1960 provides pathbreaking new evidence of international retailing activity during the first globalisation boom. The article surveys this and other recent evidence, and confirms that international retailing was far more significant up to 1929 than previously thought. This activity was overwhelmingly undertaken by non-retailers, however, and hence by multinationals whose advantages in retailing were fundamentally unsustainable over the long run. Even the department store format, the principal retail innovation of the period, was not internationalised primarily by multinationals. Rather it was diffused via indigenous entrepreneurs, driven by a rapidly growing global demand for western style fashion and dress.

The Gift of the Nile: Hellenizing Egypt from Aeschylus to Alexander

The Egyptians mesmerized the ancient Greeks for scores of years. The Greek literature and art of the classical period are especially thick with representations of Egypt and Egyptians. Yet despite numerous firsthand contacts with Egypt, Greek writers constructed their own Egypt, one that differed in significant ways from actual Egyptian history, society, and culture. Informed by recent work on orientalism and colonialism, this book unravels the significance of these misrepresentations of Egypt in the Greek cultural imagination in the fifth and fourth centuries B.C.E. Looking in particular at issues of identity, otherness, and cultural anxiety, Phiroze Vasunia shows how Greek authors constructed an image of Egypt that reflected their own attitudes and prejudices about Greece itself. He focuses his discussion on Aeschylus Suppliants; Book 2 of Herodotus; Euripides' Helen; Plato's Phaedrus, Timaeus, and Critias; and Isocrates' Busiris. Reconstructing the history of the bias that informed these writings, Vasunia shows that Egypt in these works was shaped in relation to Greek institutions, values, and ideas on such subjects as gender and sexuality, death, writing, and political and ethnic identity. This study traces the tendentiousness of Greek representations by introducing comparative Egyptian material, thus interrogating the Greek texts and authors from a cross-cultural perspective. A final chapter also considers the invasion of Egypt by Alexander the Great and shows how he exploited and revised the discursive tradition in his conquest of the country. Firmly and knowledgeably rooted in classical studies and the ancient sources, this study takes a broad look at the issue of cross-cultural exchange in antiquity by framing it within the perspective of contemporary cultural studies. In addition, this provocative and original work shows how Greek writers made possible literary Europe's most persistent and adaptable obsession: the barbarian.

Place making in Hellenistic Athens: beyond decline and foreign patronage

The study of cities is integral to the study of the Hellenistic Age, the period bounded by the deaths of two legendary rulers: Alexander in 323 BC and Kleopatra in 30 BC. Modern scholarship has followed in the footsteps of Johann-Gustav Droysen, who coined the term 'Hellenistic' in the nineteenth century and associated it with the diffusion of Greek culture through the founding of new cities in the East by Alexander and his successors. Hellenistic Athens, traditionally discussed under the rubric of its Classical legacy and/or in contrast with thriving cities, such as Pergamon, has been presented as a backwater exemplifying the demise of the 'polis'. My objective in this paper is to criticise these negative sentiments by exploring how the built environment of Hellenistic Athens could potentially become an indicator of city vitality.