We develop a small open economy DSGE-based New Keynesian model incorporating the demand for oil, to focus on whether the PBoC targets core inflation or headline inflation including oil price inflation, and investigating the macroeconomic effect of oil price shocks. Based on both counterfactual ...
摘要: This Economic Letter examines the historical relationship between oil price shocks and inflation in light of some recent research and goes on to discuss what the recent jump in oil prices might mean for inflation in the future.关键词: Petroleum products - Prices Inflation (Finance Petroleum...
andforstagflation(atermcoinedtorefertotheunprecedentedcoincidenceofinflationandeconomicstagnationduringthe1970s).Theyalsohavebeenheldresponsibleforchangesinmonetarypolicy,forfar-reachinglabormarketadjustments,andforchangesinenergytechnologies.Whiletheinterestinoilpriceshockswanedinthe1990s,thefluctuationsintherealpriceofoil...
oil. A historical decomposition sheds light on the causes of the major oil price shocks since 1975. The effects of higher oil prices on U.S. real GDP and CPI inflation are shown to depend on the cause of the oil price increase, suggesting that policies aimed at dealing with higher oil...
This study investigates the asymmetric impacts of oil price and component shocks on inflation in the context of BRICS countries. We firstly decompose the oil price change into supply, demand and risk shocks and subsequently establish an empirical framework to explore asymmetric pass-through using a ...
从课文中,可以得出的结论是。[[A] oil price shocks are less shocking nowB] inflation seems irrelevan
A. oil—price shocks are less shocking now B. inflation seems irrelevant to oil—price shocks C. energy conservation can keep down the oil prices D. the Drice rise of crude leads to the shrinking of heavy industry 相关知识点: 试题来源: 解析...
Finally, we show that real oil price growth and WAI excess returns are negatively correlated conditional on the historical composition of structural oil supply and demand shocks. We conclude that, relative to the DS World Stock Market Index, financial investments in the WAI come along with a ...
This is because the stock prices are mainly determined by the expected cash flows and discount rate, while the oil price changes can influence the expected cash flows of the oil-related companies and the inflation rate which is used for calculating the expected discount rate.2 There has already...
When prices are sticky, oil price shocks lead to reduced output, lower inflation, and real exchange rate deprecation. These recessionary effects occur whether or not oil is in the production function because of the close relationship between consumer durables and oil. Tentative results suggest that ...