Clausen, Volker; Wohltmann, Hans-Werner - Rheinisch-Westfälisches Institut für … - 2011
This paper analyzes the dynamic effects of anticipated and unanticipated oil price increases in a small two … of private absorption. Common external oil price disturbances lead in this asymmetric macroeconomic setup to temporary … divergences in output developments across the monetary union. In the case of anticipated oil price increases the relative cyclical …