The Macroeconomic Effects of Higher Oil Prices
By Benjamin L Hunt, Peter Isard, D. Laxton. National Institute Economic Review, 2001
112 citations recorded by the source corpus.
The paper uses MULTIMOD to analyse the macroeconomic effects of oil price shocks, distinguishing between temporary, more persistent, and permanent shocks. It provides perspectives on several findings in the literature and the key role of monetary policy in influencing macroeconomic outcomes. Specific attention is paid to the channels through which oil price increases can pass through into core inflation, the implications of delayed policy responses, and the relative merits of leaning in different directions when the correct policy response is uncertain.
Subfields: Economics and Econometrics
View Paper: https://www.semanticscholar.org/paper/10f02d0f507c8e5c41db5b815f4648b0b68b6c94
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Citations in the corpus
- Implications of oil prices shocks for the major emerging economies: A comparative analysis of BRICS (2018, background): “Hence, to strike the right balance between inflation and output (maintain the internal balance), interest rates may rise influencing the aggregate demand in the economy (see Ferderer, 1996; Hunt et al., 2001).”