Oil price shocks, monetary policy and aggregate demand in Ghana

Arbeitspapier

The current study examines the relationship between the world oil price and aggregate demand in a developing country, Ghana, via the interest rate channel by means of cointegration analysis. Results of the study indicate that oil price - by impacting the price level positively - negatively impacts real output. The results also indicate that monetary policy is initially eased in response to a surge in the price of oil in order to lessen any growth consequences, but at the cost of higher inflation. The ensuing higher inflation, however, prompts a subsequent tightening of monetary policy leading to a further decline in output. In addition, output does not revert quickly to its initial level after an oil price shock, but declines over an extended period.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: Reihe Ökonomie / Economics Series ; No. 212

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Multiple or Simultaneous Equation Models: Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models ; Monetary Policy, Central Banking, and the Supply of Money and Credit: General ; Economic Development: Agriculture; Natural Resources; Energy; Environment; Other Primary Products
• Thema: aggregate demand ; inflation ; monetary policy ; oil ; Mineralölpreisschock ; Gesamtwirtschaftliche Nachfrage ; Entwicklungsländer ; Geldpolitik ; Schätzung ; Ghana

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Jumah, Adusei ; Pastuszyn, Georg
• Ereignis: Veröffentlichung
• (wer): Institute for Advanced Studies (IHS)
• (wo): Vienna
• (wann): 2007

Weitere Informationen

• Handle: http://hdl.handle.net/10419/72684
• Letzte Aktualisierung: 10.03.2025, 11:44 MEZ