...
  • 主题
高级搜索  >
历史搜索 清空历史
首页> 外文期刊>International Review of Financial Analysis >Inflation targeting & implications of oil shocks for inflation expectations in oil-importing and exporting economies: Evidence from three Nordic Kingdoms
【24h】

Inflation targeting & implications of oil shocks for inflation expectations in oil-importing and exporting economies: Evidence from three Nordic Kingdoms

机译：石油进出口经济中通胀预期油冲击的通货膨胀瞄准与影响：来自三个北欧王国的证据

获取原文
获取原文并翻译 | 示例
           
页面导航
  • 摘要
  • 著录项
  • 相似文献
  • 相关主题

摘要

In the context of the debate on inflation targeting, this paper analyses the impact of the oil shocks on inflation expectations in three Nordic Kingdoms. A NARDL framework is applied to data from Jan 1994 to June 2018 on the Kingdoms of Norway, Sweden and Denmark. Our key findings suggest that there are considerable non-linearities and asymmetries in the relationship between inflation expectations, oil shocks and economic determinants of inflation expectations. The expectations formulated in the past have a very significant negative impact on future inflation expectations (adaptive expectations) and there is heterogeneity in the adaptiveness pace. A country's net oil trade position seems to reflect on the impact of oil price shocks on the inflation expectations and there is asymmetry and downwards inflation expectations rigidity. There is strong evidence of exchange rate pass-through to inflation expectations. Prevailing regimes of price stability can support to anchor future inflation expectations. Reduction in fiscal deficit and increases in money supply has a positive impact while unemployment has a negative impact on inflation expectations. The cumulative multiplier analysis showed that the impact of oil shock was symmetric in Sweden and Denmark but asymmetric in Norway which is a large net oil exporter. Besides the adoption of explicit inflation targeting regime by Sweden and Norway, the inflation expectations in the underlying economies are prone to the oil price shocks and macroeconomic determinants. These shocks pose a whole set of challenges to monetary authorities in these economies and the findings in the subject treatise provide some guidance on how each shock may transmit.
机译：在对通胀目标的辩论的背景下，本文分析了石油冲击对三个北欧王国的通胀预期的影响。 NARDL框架适用于1994年1月至2018年6月在挪威，瑞典和丹麦的王国的数据。我们的主要研究结果表明，通货膨胀期望，石油冲击和通胀预期经济决定因素之间存在相当大的非线性和不对称。过去制定的期望对未来的通胀预期（适应期望）具有非常显着的负面影响，并且在适应性步伐中存在异质性。一个国家的净油贸易立场似乎反映了油价冲击对通胀预期的影响，并且存在不对称性和较低的通胀预期刚性。有强有力的证据表明汇率转移到通胀期望。价格稳定的现行制度可以支持锚定未来的通货膨胀期望。财政赤字减少，货币供应的增加具有积极影响，而失业率对通胀预期产生负面影响。累积乘法机分析表明，瑞典和丹麦的油击的影响是对称的，但挪威不对称，挪威是一个大型净油出口国。除了通过瑞典和挪威的明确通货膨胀制度的采用，潜在经济体的通胀预期易于油价震荡和宏观经济决定因素。这些震动对这些经济体的货币当局构成了一系列挑战，主题论文的调查结果为每次休克如何传输提供一些指导。

著录项

相似文献

  • 外文文献
  • 中文文献
  • 专利
获取原文

客服邮箱：kefu@zhangqiaokeyan.com

京公网安备：11010802029741号 ICP备案号：京ICP备15016152号-6 六维联合信息科技 (北京) 有限公司©版权所有

  • 客服微信

  • 服务号