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Does US monetary policy respond to oil and food prices?

Kara, Engin 2017. Does US monetary policy respond to oil and food prices? Journal of International Money and Finance 72 , pp. 118-126. 10.1016/j.jimonfin.2016.12.004

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Abstract

A common view is that US monetary policy does not respond to changes in volatile energy and food prices. Despite this view, the popular New Keynesian models assume Taylor-type rules under which the short-term interest rates react to headline inflation. This paper evaluates the fit of alternative Taylor rules within an estimated New Keynesian model. A main finding is that the US central bank includes energy and food prices in its policy rule, although the weight assigned to these prices is much smaller than their share in the economy.

Item Type: Article
Date Type: Publication
Status: Published
Schools: Business (Including Economics)
Publisher: Elsevier
ISSN: 0261-5606
Related URLs:
Last Modified: 18 Jul 2019 13:12
URI: http://orca.cf.ac.uk/id/eprint/115412

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