文章基本信息

标题：Price Effects of Monetary Policy: The Case of a Small Open Economy of New Zealand
本地全文：下载
作者：Shahnawaz Karim ; Minsoo Lee ; Christopher Gan 等
期刊名称：Economic Analysis and Policy
印刷版ISSN：0313-5926
出版年度：2011
卷号：41
期号：3
页码：253-271
DOI：10.1016/S0313-5926(11)50036-0
出版社：Elsevier B.V.
摘要：Abstract : This paper empirically examines the price effects of monetary policy shocks in New Zealand. Empirical analysis incorporates variables suggested by a hybrid New Open Economy Macroeconomic (NOEM) model, allowing both ‘producer and local currency pricing to market (PCP and LCP-PTM)’ activities of foreign exporters. Empirical findings indicate the absence of any price puzzle and show that New Zealand producer price index (PPI) responds more sluggishly than consumer price index (CPI) due to a restrictive domestic monetary stance; suggesting the differences between the exchange rate pass-through of monetary policy shocks to {CPI} and {PPI} resulting from exporters’ different pricing strategies.