tailieunhanh - oil shocks and the zero bound on nominal interest rates

Tham khảo sách 'oil shocks and the zero bound on nominal interest rates', kỹ thuật - công nghệ, tự động hoá phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | Board of Governors of the Federal Reserve System International Finance Discussion Papers Number 1009 September 2010 Oil Shocks and the Zero Bound on Nominal Interest Rates Martin Bodenstein Luca Guerrieri Christopher Gust NOTE International Finance Discussion Papers are preliminary materials circulated to stimulate discussion and critical comment. References to International Finance Discussion Papers other than an acknowledgment that the writer has had access to unpublished material should be cleared with the author or authors. Recent IFDPs arc available on the Web at gov pubs ifd V. This paper can be downloaded without charge from the Sexrial Science Research Network electronic library at . Oil Shocks and the Zero Bound on Nominal Interest- Rates Martin Bodrnsridn. Glirrrb rF and ChristopherGust Federal Rt s . rv Board Sep inla-r 2010 Abstract Beginning .11 2009. in many ailvsHHvd economies. policy rates reached theii zero lowei bound . Almost al the Mill I. ui prices started using again. We analyze how the ZLB afreets t he propagation of oil shocks. As these shocks move inflation and Olli pul in opposite directions cffccta on economk activity are cushioned when monetary poll I The burst of inflation from an oil price increase lowers real interest rates at the ZLB and stimulates the iinpiv component of GDI . .th. ttinn lib usual contractionary effects. In fact if the inciBMH in oil prices is gradual the permteftt rise ill inflatioD can cause a CDF expansion Keywords oil shocks zero lower bound. DSGE models J El. Classification F32. Ill CũĩTỡdpoĐdỉng author. Telephone 202 1 2 2r 9i E-hinil IJh . . . The- view t-xprH sr l in t his paper arc solely the responsibility of thr authot and should nọt he interpreted Ỉ11Ị rdketinp. the- views of the Boar of .overnors of the Rt rvr System or of any other pcr-KW awex ated with the Federal Reserve System. 1 Introduction An important .