Monetary policy and the effects of oil price shocks on ...

Systematic Monetary Policy and the Effects of Oil Price Shocks

However, he does not explicitly attempt to decompose the effect of oil price shocks on the economy into a part due to the change in oil prices and a part due to ...

Systematic Monetary Policy and the Effects of Oil Price Shocks

THE PRINCIPAL OBJECTIVE of this paper is to increase our understanding of the role of monetary policy in postwar U. S. business cycles.

Monetary policy and the effects of oil price shocks on ... - NASA ADS

The evidence of output decreases and price level increases following oil price shocks in the Japanese economy is presented in this paper.

Systematic Monetary Policy and the Effects of Oil Price Shocks

Abstract. The principal objective of this paper is to increase our understanding of the role of monetary policy in postwar U. S. business cycles. We take as our ...

Monetary policy and the effect of the oil prices pass-through to inflation

Oil price fluctuations may have a substantial impact on inflation. ... The latter channel may operate asymmetrically for countries that export and ...

Rising Oil Prices, Loose Monetary Policy, and US Inflation | NBER

In response to such an oil price increase, the federal funds rate increases by 20 basis points and real wages decline by 5 to 10 basis points.

Systematic Monetary Policy and the Effects of Oil Price Shocks

By Ben Bernanke, Mark Gertler and Mark Watson; Systematic Monetary Policy and the Effects of Oil Price Shocks.

Oil Prices, Monetary Policy and Inflation Surges | NBER

We develop a simple quantitative New Keynesian model aimed at accounting for the recent sudden and persistent rise in inflation.

Oil Price Shocks, Systematic Monetary Policy and the 'Great ...

One one hand the VAR literature has provided important insights into the effect of unanticipated monetary policy shocks. (Christiano, Eichenbaum and Evans, 1999) ...

Oil Price Shocks, Monetary Policy and Stagflation

In fact, one could make the case that policy-makers should lower interest rates to cushion the recessionary impact. Moreover, if both the aggregate demand and ...

Oil price shocks and monetary policy in resource-rich economies

We find that a negative oil price shock contracts domestic output, lowers domestic inflation, depreciates the exchange rate, increases headline inflation, and ...

Systematic monetary policy and the effects of oil price shocks

Bernanke, Ben S. ; Gertler, Mark ; Watson, Mark. / Systematic monetary policy and the effects of oil price shocks. In: Brookings Papers on Economic Activity.

Oil price shocks and the optimality of monetary policy - ScienceDirect

I find that monetary policy amplified the negative effect of the oil price shock. The optimal response to the shock would have been to raise inflation and ...

Effect of Oil Price Shock on Monetary Policy in Nigeria

The results from the impulse response function suggests that positive oil price shocks have no effect on the interest rate (monetary policy), real exchange rate ...

OIL PRICE SHOCKS, SYSTEMATIC MONETARY POLICY, AND ...

In this paper we investigate the changes in the response of the economy to an oil price shock and the role of the systematic monetary policy response.

Oil shocks and optimal monetary policy

The main result is that oil price shocks generate an endogenous trade-off between inflation and output stabilisation when oil has low ...

How Oil Shocks Propagate: Evidence on the Monetary Policy Channel

The fact that most post-WWII recessions in the United States followed oil price spikes has inspired a vast empirical literature on oil shock effects (Hamilton, ...

Second-Round Effects of Oil Price Shocks

JEL Classification Numbers: E31, E5, E7,. Keywords: Second-round effects; oil prices; wages; inflation; pass-through; monetary policy; impulse response.

Oil Price Shocks and Inflation - Federal Reserve Bank of Dallas

Watson (1997), “Systematic Monetary Policy and the. Effects of Oil Price Shocks,” Brookings Papers on Economic Activity, 1, 91-157. Binder, C ...

Optimal monetary policy and the transmission of oil-supply shocks to ...

However, the direct effects of oil prices should be allowed to exert their mechanical influence on CPI inflation and wage dynamics through the indexation ...