OIL PRICE SHOCKS, SYSTEMATIC MONETARY POLICY, AND THE “GREAT MODERATION”

By Ana MarÃa Herrera, Elena Pesavento. Macroeconomic Dynamics, 2009

252 citations recorded by the source corpus.

Subfields: Economics and Econometrics, Renewable Energy, Sustainability and the Environment

View Paper: https://www.semanticscholar.org/paper/510140bae7c3a4223514731857b419eb36f63111

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Citations in the corpus

NONLINEARITIES IN THE OIL PRICE–OUTPUT RELATIONSHIP (2010, unknown): “37 response based test of Kilian and Vigfusson (2009) for this purpose.”
On the Influence of Oil Prices on Economic Activity and Other Macroeconomic and Financial Variables (2008, unknown): “…a Granger-causal relationship has been identified between oil price changes and variations in macroeconomic indicators such as GNP 2 Concerning the changing impact of oil price shocks, see also Hooker (2002), De Gregorio et al. (2007), Herrera and Pesavento (2007) and Edelstein and Kilian (2007).”
On the nonlinear relation between crude oil and gold (2017, background): “Therefore, it is important to understand the relationship between oil prices, gold markets and the overall economy (e.g., see, Herrera and Pesavento, 2009; Basher et al., 2012; Bal and Rath, 2015).”
The Role of Time-Varying Price Elasticities in Accounting for Volatility Changes in the Crude Oil Market (2013, background): “f ;tjT (!) = s (I3 tjT e ) 1 tjT 2 h I3 tjT e i! 1i0 s0 (16)”
Time Variation in the Inflation Passthrough of Energy Prices (2009, unknown): “In particular, Blanchard and Galı́ (2010) describe a decline in the inflationary impact of oil price shocks in the United States and some European countries, and Herrera and Pesavento (2009) also uncover evidence of smaller impulse responses to oil price shocks in U.S. data.”
Do Energy Prices Respond to U.S. Macroeconomic News? A Test of the Hypothesis of Predetermined Energy Prices (2008, background): “…Blanchard and Galı́ (2010); Davis and Haltiwanger (2010); Davis and Kilian (forthcoming); Edelstein and Kilian (2007, 2009); Hamilton and Herrera (2004); Herrera (2009); Herrera and Pesavento (2009); Leduc and Sill (2004); Lee and Ni (2002); Kilian and Park (2009); Rotemberg and Woodford (1996).”
How sensitive are consumer expenditures to retail energy prices (2009, background): “Thus, deteriorating consumer confidence is likely to be an important additional link in551 17Possible competing explanations include structural changes in the form of reduced real wage rigidities or improved monetary policy (see, e.g., Blanchard and Gali 2008; Herrera and Pesavento 2009).”
Cross-Country Differences in the Effects of Oil Shocks (2012, background): “…effects of oil shocks (e.g. Bernanke 2006, Blanchard and Gali 2007 or Hamilton 2009).11 For the US economy, Edelstein and Kilian (2009), Herrera and Pesavento (2007) and Blanchard and Gali (2007) indeed find a reduced impact of oil price shocks on real GDP and inflation over time, and…”
The Role of Oil Price Shocks in Causing U.S. Recessions (2014, background): “…large empirical literature on the related question of endogenous monetary policy responses to oil price shocks (e.g., Bernanke, Gertler and Watson 1997; Balke, Brown and Yücel 2002; Hamilton and Herrera 2004; Herrera and Pesavento 2009; Kilian and Lewis 2011; Bodenstein, Guerrieri and Kilian 2012).”
Does the Fed Respond to Oil Price Shocks (2011, unknown): “Such an increased commitment to price stability could arise in the form of evolving response coefficients within the same policy reaction function as discussed in Herrera and Pesavento (2009).”
Asymmetries in the response of economic activity to oil price increases and decreases (2015, background): “[29] Herrera, Ana María and Elena Pesavento (2009), “Oil Price Shocks, Systematic Monetary Policy and the ’Great Moderation’,” Macroeconomic Dynamics, 13(1), 107-137.”
Oil Prices, Exchange Rates and Emerging Stock Markets (2011, unknown): “The recent surge in oil prices over the past eight years has generated a lot of interest in the relationship between oil prices, financial markets and the economy (see, for example, Blanchard and Gali, 2007, and Herrera and Pesavento, 2009).”