Are Oil Shocks Inflationary? Asymmetric and Nonlinear Specifications versus Changes in Regime
AbstractThis 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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Bibliographic InfoArticle provided by Blackwell Publishing in its journal Journal of Money, Credit and Banking.
Volume (Year): 34 (2002)
Issue (Month): 2 (May)
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879
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Blog mentionsAs found by EconAcademics.org, the blog aggregator for Economics research:
- Bernanke: Inflation Expectations and Inflation Forecasting
by Mark Thoma in Economist's View on 2007-07-10 20:08:00
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