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Systematic Monetary Policy and the Effects of Oil Price Shocks

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Author Info
Bernanke, Ben S.
Gertler, Mark
Waston, Mark

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Abstract

Macroeconomic shocks such as wil price increases induce a systematic (endogenous) response of monetary policy. We develop a VAR-based technique for decomposing the total economic effects of a given exogenous shock into the portion attributable directly to the shock and the part arising from the policy response to the shock.

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File URL: http://econ.as.nyu.edu/docs/IO/9382/RR97-25.PDF
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Publisher Info
Paper provided by C.V. Starr Center for Applied Economics, New York University in its series Working Papers with number 97-25.

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Length: 53 pages
Date of creation: 1997
Date of revision:
Handle: RePEc:cvs:starer:97-25

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Postal: C.V. Starr Center, Department of Economics, New York University, 19 W. 4th Street, 6th Floor, New York, NY 10012
Phone: (212) 998-8936
Fax: (212) 995-3932
Web page: http://econ.as.nyu.edu/object/econ.cvstarr.html
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Postal: C.V. Starr Center, Department of Economics, New York University, 19 W. 4th Street, 6th Floor, New York, NY 10012
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Related research
Keywords: PRICES ; BUSINESS CYCLES ; MONETARY POLICY;

Find related papers by JEL classification:
E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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This page was last updated on 2009-10-28.

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