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Autoren: 
Wohltmann, Hans-Werner
Winkler, Roland C.
Datum: 
2005
Schriftenreihe/Nr.: 
Economics Working Paper No. 2005-17
Zusammenfassung: 
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 commodity 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 discusses the impacts of monetary policy rules that either reduce the inflationary or contractionary output effects of commodity price shocks.
Schlagwörter: 
Monetary Policy
Oil Price Shocks
International Policy Coordination
JEL: 
E63
F42
Q43
Dokumentart: 
Working Paper

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