01811cas a2200265 a 4500 AALejournalIMF007857 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451843125 1018-5941 BD-DhAAL BD-DhAAL Isard, Peter. The Macroeconomic Effects of Higher Oil Prices / Peter Isard, Benjamin Hunt, Douglas Laxton. Washington, D.C. : International Monetary Fund, 2001. 1 online resource (46 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students The paper uses MULTIMOD to analyze the macroeconomic effects of oil price shocks, distinguishing between temporary, more persistent, and permanent shocks. It provides perspectives on several findings in the literature and the key role of monetary policy in influencing macroeconomic outcomes. Specific attention is paid to the channels through which oil price increases can pass through into core inflation, a possible explanation of the asymmetric relationship between oil prices and economic activity, the role of monetary policy credibility, the implications of delayed policy responses, and the relative merits of leaning in different directions when the correct policy response is uncertain. Mode of access: Internet Hunt, Benjamin. Laxton, Douglas. IMF Working Papers; Working Paper ; No. 2001/014 Full text available on IMF http://elibrary.imf.org/view/journals/001/2001/014/001.2001.issue-014-en.xml IMF e-Library