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      <record key="001" att1="001" value="167312" att2="167312">001   167312</record>
      <field key="037" subkey="x">englisch</field>
      <field key="050" subkey="x">Forschungsbericht</field>
      <field key="076" subkey="">Ökonomie</field>
      <field key="079" subkey="y">http://www.ihs.ac.at/publications/eco/es-212.pdf</field>
      <field key="079" subkey="z">Jumah, Adusei - et al., Oil Price Shocks, Monetary Policy and Aggregate Demand in Ghana (pdf)</field>
      <field key="079" subkey="y">http://ideas.repec.org/p/ihs/ihsesp/212.html</field>
      <field key="079" subkey="z">Institute for Advanced Studies. Economics Series; 212 (RePEc)</field>
      <field key="100" subkey="">Jumah, Adusei</field>
      <field key="103" subkey="">Department of Economics, University of Vienna, BWZ, Vienna, Austria</field>
      <field key="104" subkey="a">Pastuszyn, Georg</field>
      <field key="107" subkey="">Department of Economics, University of Vienna, BWZ, Vienna, Austria</field>
      <field key="331" subkey="">Oil Price Shocks, Monetary Policy and Aggregate Demand in Ghana</field>
      <field key="403" subkey="">1. Ed.</field>
      <field key="410" subkey="">Wien</field>
      <field key="412" subkey="">Institut für Höhere Studien</field>
      <field key="425" subkey="">2007, June</field>
      <field key="433" subkey="">19 pp.</field>
      <field key="451" subkey="">Institut für Höhere Studien; Reihe Ökonomie; 212</field>
      <field key="451" subkey="h">Kunst, Robert M. (Ed.) ; Fisher, Walter (Assoc. Ed.) ; Ritzberger, Klaus (Assoc. Ed.)</field>
      <field key="461" subkey="">Economics Series</field>
      <field key="517" subkey="c">from the Table of Contents: Introduction; Oil price and economic policy; Methodology; Results and discussion; Conclusion;</field>
      <field key="Ref" subkey="e">rences;</field>
      <field key="542" subkey="">1605-7996</field>
      <field key="544" subkey="">IHSES 212</field>
      <field key="700" subkey="">C32</field>
      <field key="700" subkey="">E50</field>
      <field key="700" subkey="">O13</field>
      <field key="720" subkey="">Aggregate demand</field>
      <field key="720" subkey="">Inflation</field>
      <field key="720" subkey="">Monetary policy</field>
      <field key="720" subkey="">Oil</field>
      <field key="753" subkey="">Abstract: The current study examines the relationship between the world oil price and aggregate demand in a developing country,</field>
      <field key="Gha" subkey="n">a, via the interest rate channel by means of cointegration analysis. Results of the study indicate that oil price—by</field>
      <field key="imp" subkey="a">cting the price level positively—negatively impacts real output. The results also indicate that monetary policy is initially</field>
      <field key="eas" subkey="e">d in response to a surge in the price of oil in order to lessen any growth consequences, but at the cost of higher inflation.</field>
      <field key="The" subkey="">ensuing higher inflation, however, prompts a subsequent tightening of monetary policy leading to a further decline in output.</field>
      <field key="In" subkey="a">ddition, output does not revert quickly to its initial level after an oil price shock, but declines over anextended period.;</field>
    </SEQUENTIAL>
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