Systematic Monetary Policy and the Effects of Oil Price Shocks

Ben S. Bernanke, Mark Gertler () and Mark Waston

Working Papers from C.V. Starr Center for Applied Economics, New York University

Abstract: Macroeconomic shocks such as wil price increases induce a systematic (endogenous) response of monetary policy. We develop a VAR-based technique for decomposing the total economic effects of a given exogenous shock into the portion attributable directly to the shock and the part arising from the policy response to the shock.

Keywords: PRICES; BUSINESS CYCLES; MONETARY POLICY (search for similar items in EconPapers)
JEL-codes: E3 E5 (search for similar items in EconPapers)
Date: 1997
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