Monetary Policy in Fossil Fuel Exporters : The Curse of Horizons

This paper examines the role of monetary policy in fossil fuel exporters at different horizons. The main argument is that central banks in these economies need to look beyond the horizon of the business cycle. In the short run, (independent) moneta...

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Main Author:	Arezki, Rabah
Format:	Working Paper
Language:	English
Published:	World Bank, Washington, DC 2019
Subjects:	MONETARY POLICY COMMODITY EXPORTERS POLICY COORDINATION STRANDED ASSETS OIL PRICE TERMS OF TRADE SHOCK PRICE VOLATILITY EXCHANGE RATE REGIME BUSINESS CYCLE INFLATION TARGET
Online Access:	http://documents.worldbank.org/curated/en/237551560255567369/Monetary-Policy-in-Fossil-Fuel-Exporters-The-Curse-of-Horizons http://hdl.handle.net/10986/31871

id	okr-10986-31871
recordtype	oai_dc
spelling	okr-10986-318712022-09-05T00:23:08Z Monetary Policy in Fossil Fuel Exporters : The Curse of Horizons Arezki, Rabah MONETARY POLICY COMMODITY EXPORTERS POLICY COORDINATION STRANDED ASSETS OIL PRICE TERMS OF TRADE SHOCK PRICE VOLATILITY EXCHANGE RATE REGIME BUSINESS CYCLE INFLATION TARGET This paper examines the role of monetary policy in fossil fuel exporters at different horizons. The main argument is that central banks in these economies need to look beyond the horizon of the business cycle. In the short run, (independent) monetary policy should flexibly target inflation. In the medium run, central banks need to coordinate with fiscal authorities to ensure that monetary policy operates around a credible and sustainable fiscal anchor. In the long run, central banks should beware of the existential threats posed by new risks related to stranded assets. 2019-06-13T21:01:54Z 2019-06-13T21:01:54Z 2019-06 Working Paper http://documents.worldbank.org/curated/en/237551560255567369/Monetary-Policy-in-Fossil-Fuel-Exporters-The-Curse-of-Horizons http://hdl.handle.net/10986/31871 English Policy Research Working Paper;No. 8881 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Publications & Research Publications & Research :: Policy Research Working Paper
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	MONETARY POLICY COMMODITY EXPORTERS POLICY COORDINATION STRANDED ASSETS OIL PRICE TERMS OF TRADE SHOCK PRICE VOLATILITY EXCHANGE RATE REGIME BUSINESS CYCLE INFLATION TARGET
spellingShingle	MONETARY POLICY COMMODITY EXPORTERS POLICY COORDINATION STRANDED ASSETS OIL PRICE TERMS OF TRADE SHOCK PRICE VOLATILITY EXCHANGE RATE REGIME BUSINESS CYCLE INFLATION TARGET Arezki, Rabah Monetary Policy in Fossil Fuel Exporters : The Curse of Horizons
relation	Policy Research Working Paper;No. 8881
description	This paper examines the role of monetary policy in fossil fuel exporters at different horizons. The main argument is that central banks in these economies need to look beyond the horizon of the business cycle. In the short run, (independent) monetary policy should flexibly target inflation. In the medium run, central banks need to coordinate with fiscal authorities to ensure that monetary policy operates around a credible and sustainable fiscal anchor. In the long run, central banks should beware of the existential threats posed by new risks related to stranded assets.
format	Working Paper
author	Arezki, Rabah
author_facet	Arezki, Rabah
author_sort	Arezki, Rabah
title	Monetary Policy in Fossil Fuel Exporters : The Curse of Horizons
title_short	Monetary Policy in Fossil Fuel Exporters : The Curse of Horizons
title_full	Monetary Policy in Fossil Fuel Exporters : The Curse of Horizons
title_fullStr	Monetary Policy in Fossil Fuel Exporters : The Curse of Horizons
title_full_unstemmed	Monetary Policy in Fossil Fuel Exporters : The Curse of Horizons
title_sort	monetary policy in fossil fuel exporters : the curse of horizons
publisher	World Bank, Washington, DC
publishDate	2019
url	http://documents.worldbank.org/curated/en/237551560255567369/Monetary-Policy-in-Fossil-Fuel-Exporters-The-Curse-of-Horizons http://hdl.handle.net/10986/31871
_version_	1764475260483141632

Monetary Policy in Fossil Fuel Exporters : The Curse of Horizons

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