| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13108 |
| DP13108 Notes on the Underground: Monetary Policy in Resource-Rich Economies | |
| Andrea Ferrero; Martin Seneca | |
| 发表日期 | 2018-08-10 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | The central bank of a commodity-exporting small open economy faces the traditional stabilization tradeoff between domestic inflation and output gap. The commodity sector introduces a terms-of-trade inefficiency that gives rise to an endogenous cost-push shock, changes the target level for output, reduces the slope of the Phillips curve, and increases the importance of stabilizing the output gap. Optimal monetary policy calls for a reduction of the interest rate following a drop in the oil price. In contrast, a central bank with a mandate to stabilize consumer price inflation needs to raise interest rates to limit the inflationary impact of an exchange rate depreciation. |
| 主题 | International Macroeconomics and Finance |
| 关键词 | Small open economy Oil export monetary policy |
| URL | https://cepr.org/publications/dp13108 |
| 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/541911 |
| 推荐引用方式 GB/T 7714 | Andrea Ferrero,Martin Seneca. DP13108 Notes on the Underground: Monetary Policy in Resource-Rich Economies. 2018. |
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