منابع مشابه
Monetary Effects on Nominal Oil Prices
The paper presents a theory of nominal asset prices for competitively owned oil. Focusing on monetary e¤ects, with exible oil prices the US dollar oil price should follow the aggregate US price level. But with rigid nominal oil prices, the nominal oil price jumps proportionally to nominal interest rate increases. We nd evidence for structural breaks in the nominal oil price that are used to i...
متن کاملAsset Prices , Nominal Rigidities , and Monetary Policy
Working papers of the Federal Reserve Bank of Cleveland are preliminary materials circulated to stimulate discussion and critical comment on research in progress. They may not have been subject to the formal editorial review accorded official Federal Reserve Bank of Cleveland publications. The views stated herein are those of the authors and are not necessarily those of the Federal Reserve Bank...
متن کاملOil Prices , Monetary Policy , and Counterfactual Experiments
Working papers of the Federal Reserve Bank of Cleveland are preliminary materials circulated to stimulate discussion and critical comment on research in progress. They may not have been subject to the formal editorial review accorded official Federal Reserve Bank of Cleveland publications. The views stated herein are those of the authors and are not necessarily those of the Federal Reserve Bank...
متن کاملFuerst Oil Prices , Monetary Policy , and the Macroeconomy
Views stated in Policy Discussion Papers are those of the authors and not necessarily those of the Federal Reserve Bank of Cleveland or of the Board of Governors of the Federal Reserve System. Materials may be reprinted, provided that the source is credited. Please send copies of reprinted materials to the editor. Every U.S. recession since 1971 has been preceded by two things: an oil price sho...
متن کاملAsset Prices and Monetary Policy: Wealth Effects on Consumption
The aim of this paper is to test a model explaining private consumption as a function of income and wealth (financial assets plus real estate), with data from European Union (EU) countries. We know that income explains a large part of consumption as well as wealth, but concerning the effects of the latter, mainly those of changes on financial asset prices, few is known for Europe. In a general ...
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ژورنال
عنوان ژورنال: The North American Journal of Economics and Finance
سال: 2009
ISSN: 1062-9408
DOI: 10.1016/j.najef.2009.11.001