Arbeitspapier
Monetary Policy Dynamics in Large Oil-Dependent Economies
The paper analyzes the impacts of anticipated and unanticipated monetary policies on two large open economies that are dependent upon raw materials imports from a small third country. The analysis is based on asymmetric behavior on the supply side of both economies and an endogenous commodity pricing equation of Phillips' curve type. It is shown that an increase in the growth rate of domestic money supply is not neutral in the long run but induces contractionary output effects in both economies. The paper also discusses the impacts of monetary policy rules that either reduce the inflationary or contractionary output effects of commodity price shocks.
- Language
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Englisch
- Bibliographic citation
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Series: Economics Working Paper ; No. 2005-17
- Classification
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Wirtschaft
Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
International Policy Coordination and Transmission
Energy and the Macroeconomy
- Subject
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Monetary Policy
Oil Price Shocks
International Policy Coordination
Geldpolitik
Offene Volkswirtschaft
Zwei-Länder-Modell
Mineralölpreisschock
Internationale wirtschaftspolitische Koordination
Theorie
Dynamisches Modell
Theorie
- Event
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Geistige Schöpfung
- (who)
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Wohltmann, Hans-Werner
Winkler, Roland C.
- Event
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Veröffentlichung
- (who)
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Kiel University, Department of Economics
- (where)
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Kiel
- (when)
-
2005
- Handle
- Last update
-
10.03.2025, 11:41 AM CET
Data provider
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Object type
- Arbeitspapier
Associated
- Wohltmann, Hans-Werner
- Winkler, Roland C.
- Kiel University, Department of Economics
Time of origin
- 2005