Belgian research examines policy response to oil price shocks
Paper analyses monetary policy responses to oil price fluctuations
Oil price movements "call for similar policy responses" regardless of if they are driven by demand or supply shocks, according to a working paper published last week by the National Bank of Belgium.
In Optimal monetary policy response to endogenous oil price fluctuations, Arnoud Stevens tries to understand if central banks should "seek to identify the underlying causes of oil price hikes in determining appropriate policy responses".
Among his conclusions, the economist finds that if
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