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Inflation Responses to Recent Shocks Do G7 Countries Behave Differently?

This paper uses a variety of empirical methods to examine the apparent differences in monetary policy stances as between the United States and other G7 economies, notably those in the euro area, during the period of sharp increases in oil and other commodity prices in the first half of 2008. In part...

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Bibliographic Details
Main Author: Vogel, Lukas
Other Authors: Rusticelli, Elena, Richardson, Pete, Guichard, Stéphanie
Format: eBook
Language:English
Published: Paris OECD Publishing 2009
Series:OECD Economics Department Working Papers
Subjects:
Economics
Online Access:
Collection: OECD Books and Papers - Collection details see MPG.ReNa
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245 0 0 |a Inflation Responses to Recent Shocks  |h Elektronische Ressource  |b Do G7 Countries Behave Differently?  |c Lukas, Vogel ... [et al] 
246 2 1 |a Réponse de l'inflation aux chocs récents : Les pays du G7 diffèrent-ils les uns des autres ? / Lukas, Vogel ... [et al] 
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520 |a This paper uses a variety of empirical methods to examine the apparent differences in monetary policy stances as between the United States and other G7 economies, notably those in the euro area, during the period of sharp increases in oil and other commodity prices in the first half of 2008. In particular it asks the question whether observed differences in policy stances could be attributed to differences in economic structures and the vulnerability of different regions to inflationary shocks coming from import prices as opposed to differences in monetary policy objectives. The main conclusion is that although there are a number of differences in the estimated impact and dynamics of commodities, import prices and exchange rates on domestic inflation, which may have contributed to differences in policy stances during the boom in commodity prices, they cannot explain them all 

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