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Foreign Supply Shocks, Wage Indexation and Optimal Monetary Policy

In: Open-Economy Macroeconomics

Author

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  • Franz X. Hof

    (University of Technology)

Abstract

During the last two decades the major changes in the price of imported raw materials substantially affected the economic performance of OECD countries. Consequently, there has been extensive theoretical and political debate about the proper adjustment to these external shocks, and whether monetary policy should be accommodating in the event of rising energy prices.

Suggested Citation

  • Franz X. Hof, 1993. "Foreign Supply Shocks, Wage Indexation and Optimal Monetary Policy," International Economic Association Series, in: Helmut Frisch & Andreas Wörgötter (ed.), Open-Economy Macroeconomics, chapter 4, pages 70-91, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-12884-6_4
    DOI: 10.1007/978-1-349-12884-6_4
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