Ricardo versus Thornton on the Appropriate Monetary Response to Supply Shocks

Exogenous supply disturbances such as the recent Iraqi oil shock deliver a double blow to the economy. By rendering material or energy inputs scarcer and dearer, they raise production costs per unit of output. In so doing they discourage production and raise product prices. The resulting rise in the general price level shrinks the buying power of spenders' money balances, thus reducing the aggregate demand for real output. Real activity slackens as prices rise

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Year of publication:	2012
Authors:	Humphrey, Thomas M.
Publisher:	[2012]: [S.l.] : SSRN
Subject:	Geldpolitik \| Monetary policy \| Geldtheorie \| Monetary theory \| Stabilisierungspolitik \| Stabilization policy

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Extent:	1 Online-Ressource (7 p)
Type of publication:	Book / Working Paper
Language:	English
Notes:	In: FRB Richmond Economic Review, vol. 76, no. 6, November/December 1990, pp. 18-24 Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments 1990 erstellt
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10013102728