Monetary Policy and Price of Oil
نویسندگان
چکیده
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 ...
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for helpful discussions and comments, and to Pam Dillon and Paula Drew for assistance in preparing this document. The views expressed are those of the authors and should not be attributed to the Reserve Bank of Australia.
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ژورنال
عنوان ژورنال: Politická ekonomie
سال: 2011
ISSN: 0032-3233,2336-8225
DOI: 10.18267/j.polek.770