How does the European Central Bank react to oil prices?

Guillaume L'Oeillet () and Julien Licheron
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Guillaume L'Oeillet: IREA - Institut de Recherche sur les Entreprises et les Administrations - UBS - Université de Bretagne Sud
Julien Licheron: CEPS/INSTEAD - Centre d'Etudes de Populations, de Pauvreté et de Politiques Socio-Economiques / International Networks for Studies in Technology, Environment, Alternatives, Development - Centre d'Etudes de Populations, de Pauvreté et de Politiques Socio-Economiques / International Networks for Studies in Technology, Environment, Alternatives, Development

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Abstract: Monetary policy may constitute a short-term explanation of the non-linearity in the relationship between oil prices and output. The role of oil prices in the ECB reaction is thus investigated with an extended Taylor rule including several oil prices indicators.

Keywords: Oil prices; monetary policy; nonlinearity (search for similar items in EconPapers)
Date: 2012-09
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Citations: View citations in EconPapers (1)

Published in Economics Letters, 2012, 116 (3), pp.445-447. ⟨10.1016/j.econlet.2012.04.035⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-01141297

DOI: 10.1016/j.econlet.2012.04.035

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