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| Tekijä: | Nakov, A. Pescatori, A. |
| Otsikko: | Oil and the great moderation |
| Lehti: | Economic Journal
2010 : MAR, VOL 120:543 p. 131-156 |
| Asiasana: | oil industry oil prices usa macroeconomics monetary policy inflation |
| Vapaa asiasana: | TFP shocks |
| Kieli: | eng |
| Tiivistelmä: | In this article the stability of US macroeconomics and its relation to the oil shocks and the oil elasticity of gross output are analyzed. A DSGE model is estimated and counterfactual simulations performed. It is found that oil played an important role in the stabilization. Around half of the reduced volatility of inflation is explained by better monetary policy alone, and 57% of the reduced volatility of GDP growth is attributed to smaller TFP shocks. Oil related effects explain around a third. |
SCIMA