Monetary Policy Response to Oil Price Shocks
the argument that the choice of the monetary policy rule (the "reaction function") has significant macroeconomic effects. Using time-series evidence to uncover ...
Monetary Policy Response to Oil Price Shocks - NATAL - 2012
How should monetary authorities react to an oil price shock? This paper shows that in a noncompetitive economy, policies that perfectly ...
Monetary Policy Responses to Oil Price Fluctuations
Economic Journal, 120, 131–156. 35. Natal, J.-M., (2012), “Monetary Policy Response to Oil Price Shocks,” Jour- nal of Money, Credit, and ...
Monetary Policy Response to Oil Price Shocks - San Francisco Fed
How should monetary authorities react to an oil price shock? The New Keynesian literature has concluded that ensuring complete price ...
Oil Prices, Monetary Policy and Inflation Surges | NBER
We show that mainly accounting for this surge was a combination oil price shocks and “easy” monetary policy, even after allowing for demand ...
Monetary Policy Response to Oil Price Shocks - IDEAS/RePEc
This paper argues that a meaningful trade-off between stabilizing inflation and the welfare relevant output gap arises in a distorted economy.
How Oil Shocks Propagate: Evidence on the Monetary Policy Channel
Using high-frequency responses of oil futures prices to prominent oil market news, we estimate the effects of oil supply news shocks when ...
Monetary Policy Response to Oil Price Shocks - Wiley Online Library
This paper shows that in a noncompetitive economy, policies that perfectly stabilize prices entail large welfare costs, hence explaining the reluctance of ...
Oil Price Shocks, Monetary Policy and Stagflation
The argument is that policy-makers responded to the inflationary pressures caused by oil price shocks by raising interest rates, thereby causing a deep ...
Another explanation is that the response of monetary ... (2010), “Oil Price Shocks, Monetary Policy and Stagflation,” in: Fry ...
Oil Price Shocks, Systematic Monetary Policy and the 'Great ...
Our results suggest a smaller and more short-lived response of most macro variables during the Volcker-Greenspan period. It also appears that while the ...
Rising Oil Prices, Loose Monetary Policy, and US Inflation | NBER
A shock to oil prices that increases the real price of oil by 6 percent reduces GDP by 20 to 30 basis points and increases the price level by 20 ...
Energy price shocks, monetary policy and inequality
(2011) use a New Keyne- sian model with oil in consumption and production to examine the effects of different monetary policies in response to energy shocks, by ...
Information effects of monetary policy announcements on oil price
Our estimates imply that monetary policy and central bank information shocks have very different effects on oil prices. Specifically, in response to a ...
Optimal Monetary Policy and Oil Price Shocks - DukeSpace
Comparing the actual and the Ramsey optimal monetary policy response to an oil price shock, I find that the optimal policy allows for more inflation, a ...
Monetary Policy Responses to Crude Oil-Price Shocks: The Case of ...
Firstly, the paper provides a critical analysis of the effects of commodity price shocks using a version of the three equations – the New ...
Monetary Policy Responses to Oil Price Fluctuations - SpringerLink
By contrast closed economy models assume exogenous oil price fluctuations. Hence, the optimal response of monetary policy will be different ...
Possible Monetary Policy Responses to the Iraqi Oil Shock
Because the demand effects of an oil-price shock reduce both inflation and real GNP, they clearly reduce nominal GNP growth. As a result, a neutral policy would ...
The Role of Oil Price Shocks in Causing U.S. Recessions
... Shocks,” Brookings Papers on Economic Activity, 1, 91–142. Bodenstein, M., Guerrieri, L., and L. Kilian (2012), “Monetary Policy Responses to Oil Price.
Oil price shocks and monetary policy in resource-rich economies
Notably, our results show that the introduction of capital into the model economy moderates the responses of output and inflation to an oil price shock. Also, ...