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Monetary Policy in an Oil-Exporting Economy - Review
The sudden collapse of oil prices poses a challenge to inflation-targeting central banks in oil-exporting economies. In this article, the authors illustrate this challenge and conduct a quantitative assessment of the impact of changes in oil prices in a small open economy in which oil represents an important fraction of its exports.
research.stlouisfed.org/.../review/2016/09/12/monetary-policy-in-an-oil-exporting-economy
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