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|Title:||Monetary Policy Dynamics in Large Oil-Dependent Economies |
Winkler, Roland C.
|Issue Date:||2005 |
|Series/Report no.:||Economics working paper / Christian-Albrechts-Universität Kiel, Department of Economics 2005,17|
|Abstract:||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 commod- ity 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 dis- cusses the impacts of monetary policy rules that either reduce the in°ationary or contractionary output effects of commodity price shocks.|
Oil Price Shocks
International Policy Coordination
|Document Type:||Working Paper|
|Appears in Collections:||Economics Working Papers, Department of Economics, CAU Kiel|
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