منابع مشابه
Monetary Policy Response to Oil Price Shocks
How should monetary authorities react to an oil price shock? The New Keynesian literature has concluded that ensuring complete price stability is the optimal thing to do. In contrast, this paper argues that a meaningful trade-off between stabilizing inflation and the welfare relevant output gap arises in a distorted economy once one recognizes (i) that oil (energy) cannot be easily substituted ...
متن کاملPublic Policy, Price Shocks, and Conflict: Price Shocks and Civil War in Developing Countries∗
Those who study the role of agriculture in the political economy of development focus on government policy choices on the one hand and the impact of price shocks on the other. We argue that the two should be studied together. We find that civil unrest (Granger) causes government policies, pushing governments in poor and medium income countries to shift relative prices in favor of urban consumer...
متن کاملPolicy Responses to Commodity Price Movements — 2
B etween 1986 and 1998, the price of a barrel of West Texas Intermediate (WTI) oil remained quite stable, fluctuating between $16 and $42 constant 2011-U.S. dollars, with the exception of a brief spike in 1990 at the time of the first Gulf War. In December 1998, the barrel of WTI had reached a low point of $17. Almost 10 years later, in July 2008, the same barrel cost $134. By March 2009, the p...
متن کاملCommodity Price Responses to Monetary Policy Surprises
Commodity prices are important both as a source of shocks and for the propagation of shocks originating elsewhere in the economy. Many vector autoregression (VAR) studies estimate a gradual response of commodity prices to monetary policy shocks. Exploiting information in high-frequency financial market data, and using the methods of Rigobon and Sack (2004) I find that a 10 basis point surprise ...
متن کاملA financial CGE model analysis: Oil price shocks and monetary policy responses in China
a r t i c l e i n f o Most CGE models are real and cannot be easily used to study monetary policies. This paper develops a financial CGE model with interaction between real and financial side of the Chinese economy and applies the model to study oil price shocks and monetary policy responses. Unlike macro models in the current literature, the financial CGE model can be implemented to look into ...
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ژورنال
عنوان ژورنال: Brookings Papers on Economic Activity
سال: 1979
ISSN: 0007-2303
DOI: 10.2307/2534306