| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP7607
|
| DP7607 The Limits to Fiscal Stimulus |
| Willem Buiter
|
| 发表日期 | 2009-12-13
|
| 出版年 | 2009
|
| 语种 | 英语
|
| 摘要 | Since Bernanke, Gertler and Watson (1997), a common view in the literature has been that systematic monetary policy responses to the inflation triggered by oil price shocks are an important source of aggregate fluctuations in the U.S. economy. We show that there is no evidence of systematic monetary policy responses to oil price shocks after 1987 and that this lack of a policy response is unlikely to be explained by reduced real wage rigidities. Prior to 1987, according to standard VAR models, the Federal Reserve was not responding to the inflation triggered by oil price shocks, as commonly presumed, but rather to the oil price shocks directly, consistent with a preemptive move by the Federal Reserve to counteract potential inflationary pressures. There are indications that this response is poorly identified, however, and there is no evidence that this policy response in the pre-1987 period caused substantial fluctuations in the Federal Funds rate or in real output. Our analysis suggests that the traditional monetary policy reaction framework explored by BGW and incorporated in subsequent DSGE models should be replaced by DSGE models that take account of the endogeneity of the real price of oil and that allow policy responses to depend on the underlying causes of oil price shocks. |
| 主题 | International Macroeconomics
|
| 关键词 | Counterfactual
Oil
Recessions
Systematic monetary policy
Temporal instability
|
| URL | https://cepr.org/publications/dp7607
|
| 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/536444
|
推荐引用方式
GB/T 7714 |
Willem Buiter. DP7607 The Limits to Fiscal Stimulus. 2009.
|
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