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dc.contributor.authorWohltmann, Hans-Werneren_US
dc.contributor.authorClausen, Volkeren_US
dc.date.accessioned2009-01-29T14:13:05Z-
dc.date.available2009-01-29T14:13:05Z-
dc.date.issued2003en_US
dc.identifier.piurn:nbn:de:101:1-20091110480-
dc.identifier.urihttp://hdl.handle.net/10419/21976-
dc.description.abstractThis paper analyzes the dynamic effects of anticipated and unanticipated oil price increases in 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 oil price disturbances lead to temporary divergences in output developments across the monetary union. In the case of anticipated oil price increases the relative cyclical position of output effects is reversed in the course of the adjustment process. With anticipated oil price increases complete stabilization of the output variables throughout the overall adjustment process requires restrictive monetary policy to be time-inconsistent from a quantitative but time-consistent from a qualitative point of view. That means that the central bank credibly announces a future reduction in the growth rate of nominal money stock but actually realizes a decrease in the monetary growth rate, which is less restrictive than the announcement.en_US
dc.language.isoengen_US
dc.publisheren_US
dc.relation.ispartofseriesEconomics working paper / Christian-Albrechts-Universität Kiel, Department of Economics 2003,11en_US
dc.subject.jelE63en_US
dc.subject.jelF41en_US
dc.subject.ddc330en_US
dc.subject.keywordEMUen_US
dc.subject.keywordinternational policy transmissionen_US
dc.subject.keywordoil price shocken_US
dc.subject.keywordtime inconsistencyen_US
dc.subject.stwMineralölpreisschocken_US
dc.subject.stwGeldpolitiken_US
dc.subject.stwWährungsunionen_US
dc.subject.stwZwei-Länder-Modellen_US
dc.subject.stwKonjunkturzusammenhangen_US
dc.subject.stwZeitkonsistenzen_US
dc.subject.stwTheorieen_US
dc.titleOil Price Shocks and Monetary Policy in an Asymmetric Monetary Union§en_US
dc.typeWorking Paperen_US
dc.identifier.ppn368179664en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
dc.identifier.repecRePEc:zbw:cauewp:1121-
Appears in Collections:Economics Working Papers, Department of Economics, CAU Kiel

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