Inflation Responses to Recent Shocks : Do G7 Countries Behave Differently?

Lukas Vogeli ; Elena Rusticellii ; Pete Richardsoni ; Stéphanie Guichardi ; Christian Gianellai iOECD

Organisation for Economic Co-operation and Development

关键词: inflation;    DSGE model;    error-correction model;    Phillips curve;    commodity prices;    import prices;   

DOI  :  https://doi.org/10.1787/225018287428

学科分类：社会科学、人文和艺术（综合）

来源: OECD iLibrary

【 摘 要 】

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.