Systematic Monetary Policy and the Effects of Oil Price Shocks

Ben 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)
Pages: 53 pages
Date: 1997
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Journal Article: Systematic Monetary Policy and the Effects of Oil Price Shocks (1997)
Working Paper: Systematic Monetary Policy and the Effects of Oil Price Shocks (1997)
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