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Autoren: 
Stevens, Arnoud
Datum: 
2015
Reihe/Nr.: 
NBB Working Paper 277
Zusammenfassung: 
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.
Schlagwörter: 
Oil Prices
Optimal Monetary Policy
Ramsey Approach
Welfare Analysis
JEL: 
E52
E61
Q43
Dokumentart: 
Working Paper

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