Resource title

Monetary Policy Dynamics in Large Oil-Dependent Economies

Resource image

image for OpenScout resource :: Monetary Policy Dynamics in Large Oil-Dependent Economies

Resource description

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.

Resource author

Hans-Werner Wohltmann, Roland C. Winkler

Resource publisher

Resource publish date

Resource language

eng

Resource content type

text/html

Resource resource URL

http://hdl.handle.net/10419/22003

Resource license

Adapt according to the presented license agreement and reference the original author.