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dc.contributor.authorWohltmann, Hans-Werneren
dc.contributor.authorClausen, Volkeren
dc.date.accessioned2009-01-29T14:13:05Z-
dc.date.available2009-01-29T14:13:05Z-
dc.date.issued2003-
dc.identifier.piurn:nbn:de:101:1-20091110480en
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
dc.language.isoengen
dc.publisher|aKiel University, Department of Economics |cKielen
dc.relation.ispartofseries|aEconomics Working Paper |x2003-11en
dc.subject.jelE63en
dc.subject.jelF41en
dc.subject.ddc330en
dc.subject.keywordEMUen
dc.subject.keywordinternational policy transmissionen
dc.subject.keywordoil price shocken
dc.subject.keywordtime inconsistencyen
dc.subject.stwMineralölpreisschocken
dc.subject.stwGeldpolitiken
dc.subject.stwWährungsunionen
dc.subject.stwZwei-Länder-Modellen
dc.subject.stwKonjunkturzusammenhangen
dc.subject.stwZeitkonsistenzen
dc.subject.stwTheorieen
dc.titleOil Price Shocks and Monetary Policy in an Asymmetric Monetary Union-
dc.typeWorking Paperen
dc.identifier.ppn368179664en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:cauewp:1121en

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