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Dynamic Effects of Raw Materials Price Shocks for Large Oil-Dependent Economies Author info | Abstract | Publisher info | Download info | Related research | Statistics Wohltmann, Hans-Werner
Winkler, Roland
The paper analyzes the dynamic effects of anticipated price increases of imported raw materials upon two large open economies. It is assumed that the economies have an asymmetric macroeconomic structure on the supply side and are dependent upon a small third country for oil or raw materials imports. The dynamic behavior of several macroeconomic variables is discussed under alternative scenarios. We first assume that oil is priced in dollars. Thereafter, we investigate the impacts of oil price shocks on the domestic and the foreign economy if oil imports are denominated in terms of domestic currency (Euro) rather than US dollars. It is shown that with domestic- currency denominated oil the stagflationary effects of oil price increases upon both the domestic and foreign economy are reduced. The paper also discusses several monetary policy responses to oil price shocks.
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Paper provided by Christian-Albrechts-University of Kiel, Department of Economics in its series Economics working papers with number
2005,01.
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Date of creation: 2005Date of revision:
Handle: RePEc:zbw:cauewp:2880Contact details of provider: Web page: http://www.wiso.uni-kiel.de/econ/
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Keywords: oil price shocks international policy coordination time inconsistency currency denomination Other versions of this item:
Find related papers by JEL classification: E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy
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