全球智库信息集成服务系统(G2TT): DP7314 What Lies Beneath the Euro's Effect on Financial Integration? Currency Risk, Legal Harmonization, or Trade?

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP7314
	DP7314 What Lies Beneath the Euro's Effect on Financial Integration? Currency Risk, Legal Harmonization, or Trade?
	Sebnem Kalemli-Ozcan; Elias Papaioannou; José-Luis Peydró
发表日期	2009-06-23
出版年	2009
语种	英语
摘要	One of the central questions in recent macroeconomic history is to what extent monetary policy as opposed to oil price shocks contributed to the stagflation of the 1970s. Understanding what went wrong in the 1970s is the key to learning from the past. One explanation explored in Barsky and Kilian (2002) is that worldwide shifts in monetary policy regimes not related to the oil market played a major role in causing both the major oil price increases of the 1970s and stagflation in many economies. A competing view exemplified by Bernanke, Gertler and Watson (1997) is that the oil price shocks of the 1970s and 1980s arose exogenously with respect to global macroeconomic conditions, but were propagated by the reaction of monetary policy makers, causing stagflation in the process. This paper reviews the evidence for these two main explanations, interprets recent events in light of this evidence, and outlines implications for monetary policy.
主题	International Macroeconomics
关键词	monetary policy Oil price Policy reaction Regimes Stagflation
URL	https://cepr.org/publications/dp7314
来源智库	Centre for Economic Policy Research (United Kingdom)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/536165
推荐引用方式 GB/T 7714	Sebnem Kalemli-Ozcan,Elias Papaioannou,José-Luis Peydró. DP7314 What Lies Beneath the Euro's Effect on Financial Integration? Currency Risk, Legal Harmonization, or Trade?. 2009.