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| Author: | Hooker, M. A. |
| Title: | Are Oil Shocks Inflationary? Asymmetric and Nonlinear Specifications versus Changes in Regime |
| Journal: | Journal of Money, Credit and Banking
2002 : MAY, VOL. 34:2, p. 540-561 |
| Index terms: | OIL PRICES OIL INDUSTRY INFLATION MONETARY POLICY |
| Language: | eng |
| Abstract: | This paper identifies a structural break in core U.S. inflation Phillips curves such that oil prices contributed substantially before 1981, but since that time pass- through has been negligible. This characterization is robust to a variety of re-specifications and fits the data better than asymmetric and nonlinear oil price alternatives. Evidence does not support the hypotheses that declining energy intensity or deregulation of energy- producing and -consuming industries played an important role. Monetary policy did not itself become less accommodative of oil shocks, but may have helped create a regime where inflation is less sensitive to price shocks more generally. |
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