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Revisiting the impacts of oil price increases on monetary policy implementation in the largest oil importers

机译：回顾石油价格上涨对最大石油进口国货币政策实施的影响

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The aim of this paper is to test the impacts of oil price increases on monetary policy implementation in the largest oil importers. For that purpose, we estimate structural vector error correction (SVEC) models to show the impacts of oil price increases on industrial production, consumer prices and immediate interest rates which are the elements of Taylor rule for the four largest oil importers (the USA, the EU, China and Japan). Our results indicate that oil price increases transmit to output and inflation and lead to fluctuations in industrial production, consumer prices and immediate interest rates which in turn influence the monetary policy stance in the following periods. The basic conclusion of research is that the channels through which oil prices affect output, inflation and interest rates should be identified by the monetary policy authorities of the USA, the EU, China and Japan. We also emphasize the importance of the determination of the optimal monetary policy framework to eliminate the negative consequences of oil price increases.
机译：本文的目的是检验石油价格上涨对最大石油进口国货币政策实施的影响。为此，我们估算了结构矢量误差校正（SVEC）模型，以显示油价上涨对工业生产，消费价格和即时利率的影响，这是四大石油进口国（美国，美国，欧盟，中国和日本）。我们的结果表明，石油价格上涨会传导至产出和通货膨胀，并导致工业生产，消费者价格和即时利率的波动，进而影响随后时期的货币政策立场。研究的基本结论是，油价影响产出，通货膨胀和利率的渠道应由美国，欧盟，中国和日本的货币政策当局确定。我们还强调确定最佳货币政策框架以消除油价上涨的负面影响的重要性。

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