Data/hora: 01/06/2024 16:44:10

Provedor de dados: | 31
País: | United States
Título: | Inflationary Effect of Oil-Price Shocks in an Imperfect Market: A Partial Transmission Input-output Analysis
Autores: | Wu,   Libo; Li,   Jing; Zhang,   ZhongXiang.
Data: | 2011-04-11
Ano: | 2011
Palavras-chave: | Oil-price Shocks; Price Transmission; Price Control; Input-output Analysis; Inflation; Industrial Structure; China; The United States; Resource /Energy Economics and Policy; Q43; Q41; Q48; O13; O53; P22; E31.
Resumo: | This paper aims to examine the impacts of oil-price shocks on China’s price levels. To that end, we develop a partial transmission input-output model that captures the uniqueness of the Chinese market. We hypothesize and simulate price control, market factors and technology substitution - the three main factors that restrict the functioning of a price pass-through mechanism during oil-price shocks. Using the models of both China and the U.S., we separate the impact of price control from those of other factors leading to China’s price stickiness under oil-price shocks. The results show a sharp contrast between China and the U.S., with price control in China significantly preventing oil-price shocks from spreading into its domestic inflation, especially in the short term. However, in order to strengthen the economy’s resilience to oil-price shocks, the paper suggests a gradual relaxing of price control in China.
Tipo: | Working or Discussion Paper
Idioma: | Inglês
Identificador: | http://purl.umn.edu/102507

Relação:

Fondazione Eni Enrico Mattei (FEEM)&gt;Sustainable Development Papers

SD

29.2011

Formato: | 44