Monetary policy and commodity price shocks
نویسندگان
چکیده
منابع مشابه
Commodity 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 ...
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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 ...
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This papers studies how the stabilization role of monetary policy in response to asset price shocks changes with the globalization of financial markets. Changes in asset prices affect production through a credit channel and monetary policy can stabilize the macro-economy with counter-cyclical interventions. The paper shows that, as financial markets become internationally integrated, stabilizat...
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This paper analyzes the dynamic effects of anticipated and unanticipated foreign price increases of imported raw materials for a small two-country monetary union, which is simultaneously characterized by asymmetric wage adjustments and asymmetric interest rate sensitivities of private absorption. It is shown that both types of input price disturbances lead to temporary divergences in output dev...
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The past years were characterized by unprecedented rises in prices of commodities such as oil or wheat and infl ation rates moved up above the mark of two percent per annum. This led to a revival of the debate whether commodity prices indicate future CPI infl ation and if they can be used as indicator variables for central banks or not. We apply various econometric methods like Granger causalit...
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ژورنال
عنوان ژورنال: Intereconomics
سال: 2009
ISSN: 0020-5346,1613-964X
DOI: 10.1007/s10272-009-0300-4