Arbeitspapier
Optimal monetary policy response to endogenous oil price fluctuations
Should the central bank seek to identify the underlying causes of oil price hikes in determining appropriate policy responses to them? Most likely not. Within a calibrated new-Keynesian model of Oil-Importing and Oil-Producing Countries, I derive the Ramsey policy and analyze optimal monetary policy responses to different sources of oil price fluctuations. I find that oil-specific demand and supply shocks call for similar policy responses, given the low substitutability of oil in production and the incompleteness of international asset markets.
- Sprache
-
Englisch
- Erschienen in
-
Series: NBB Working Paper ; No. 277
- Klassifikation
-
Wirtschaft
Monetary Policy
Policy Objectives; Policy Designs and Consistency; Policy Coordination
Energy and the Macroeconomy
- Thema
-
Oil Prices
Optimal Monetary Policy
Ramsey Approach
Welfare Analysis
Ölpreis
Schock
Geldpolitik
Wohlfahrtsanalyse
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Stevens, Arnoud
- Ereignis
-
Veröffentlichung
- (wer)
-
National Bank of Belgium
- (wo)
-
Brussels
- (wann)
-
2015
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Stevens, Arnoud
- National Bank of Belgium
Entstanden
- 2015
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