Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/72684 
Erscheinungsjahr: 
2007
Schriftenreihe/Nr.: 
Reihe Ökonomie / Economics Series No. 212
Verlag: 
Institute for Advanced Studies (IHS), Vienna
Zusammenfassung: 
The current study examines the relationship between the world oil price and aggregate demand in a developing country, Ghana, via the interest rate channel by means of cointegration analysis. Results of the study indicate that oil price - by impacting the price level positively - negatively impacts real output. The results also indicate that monetary policy is initially eased in response to a surge in the price of oil in order to lessen any growth consequences, but at the cost of higher inflation. The ensuing higher inflation, however, prompts a subsequent tightening of monetary policy leading to a further decline in output. In addition, output does not revert quickly to its initial level after an oil price shock, but declines over an extended period.
Schlagwörter: 
aggregate demand
inflation
monetary policy
oil
JEL: 
C32
E50
O13
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
422.06 kB





Publikationen in EconStor sind urheberrechtlich geschützt.