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Christian-Albrechts-Universität zu Kiel

Institut für Volkswirtschaftslehre - Department of Economics
Economics Working Papers

Economics Working Papers: Abstract 2005-17




Hans-Werner Wohltmann, Roland Winkler




Monetary Policy Dynamics in Large Oil-Dependent Economies
Abstract The paper analyzes the impacts of anticipated and unanticipated monetary policies on two large open economies that are dependent upon raw materials imports from a small third country. The analysis is based on asymmetric behavior on the supply side of both economies and an endogenous commodity pricing equation of Phillips' curve type. It is shown that an increase in the growth rate of domestic money supply is not neutral in the long run but induces contractionary output effects in both economies. The paper also discusses the impacts of monetary policy rules that either reduce the inflationary or contractionary output effects of commodity price shocks.

Keywords: Monetary Policy, Oil Price Shocks, International Policy Coordination

JEL classification: E63, F42, Q43




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