haku: @indexterm econometric models / yhteensä: 1046
viite: 3 / 1046
| Tekijä: | Kilian, L. Lewis, L.T. |
| Otsikko: | Does the FED respond to oil price shocks? |
| Lehti: | Economic Journal
2011 : SEP, VOL. 121:555, p. 1047-1072 |
| Asiasana: | monetary policy central banks USA econometric models aggregate supply petroleum industry prices |
| Kieli: | eng |
| Tiivistelmä: | A common view in the literature is that systematic monetary policy reactions to the inflation caused by oil price shocks have been a key source of aggregate fluctuations in the US economy. However, earlier empirical evidence supporting such a link was based on inappropriate econometric models. We show that no credible evidence exists of monetary policy responses to oil price shocks causing large aggregate fluctuations in the 1970s and 1980s or in recent times. Our study suggests replacing the traditional monetary policy reaction framework with models that consider the endogeneity of the real price of oil and let policy responses to depend on the underlying causes of oil price shocks. |
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