Les intervenants > Nicolas GROSHENNY

Nicolas GROSHENNY, Senior Lecturer a l'Université d'Adélaïde (Australie) fera une intervention sur :

 Assessing the role of monetary policy and oil prices shocks in the Great Stagflation

We examine the role played by adverse cost-push shocks and monetary policy during the Great Stagflation.

We estimate a sticky-price model with oil entering in consumption and in production over the period 1966:I to 1981:II.

We find that the US economy is best described by an indeterminate version of the model. Our counterfactuals imply that oil price shocks as well sunspots were the main causes of the Great Inflation.

Page personnelle : http://www.adelaide.edu.au/directory/nicolas.groshenny