Fed does not respond to oil price shocks: CEPR paper

The argument that the Federal Reserve's systematic monetary policy responses to inflation caused by oil-price crises caused aggregate fluctuations in the US economy is an incorrect one, according to a paper published by the Centre for Economic Policy Research (CEPR) last Monday.

The authors, Lutz Kilian and Logan Lewis, take issue with the view popularised by Bernanke, Gertler and Watson in their 1997 work and argue that there is no evidence of systematic monetary policy action in the face of an

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe

You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

Register for Central Banking

All fields are mandatory unless otherwise highlighted

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account

.