World crude oil markets : monetary policy and the recent oil shock /

This paper examines the relationship between monetary policy and oil prices within a world oil demand and supply model. Low price and high income elasticities of demand and rigid supply explain high price volatilities and producers' market power. Exchange and interest rates do influence oil mar...

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Detalles Bibliográficos
Clasificación:Libro Electrónico
Autor principal: Krichene, Noureddine (Autor)
Autor Corporativo: International Monetary Fund. African Department
Formato: Electrónico eBook
Idioma:Inglés
Publicado: [Washington, D.C.] : International Monetary Fund, African Dept., 2006.
Colección:IMF working paper ; WP/06/62.
Temas:
Petroleum products > Prices.
Foreign exchange rates.
Interest rates.
Monetary policy.
Money > Tables.
Produits pétroliers > Prix.
Taux de change.
Taux d'intérêt.
Politique monétaire.
Money
Foreign exchange rates
Interest rates
Monetary policy
Petroleum products > Prices
Tables
Acceso en línea:Texto completo
Descripción
Sumario:This paper examines the relationship between monetary policy and oil prices within a world oil demand and supply model. Low price and high income elasticities of demand and rigid supply explain high price volatilities and producers' market power. Exchange and interest rates do influence oil market equilibrium. The relationship between oil prices and interest rates is a two-way relationship that depends on the type of oil shock. During a supply shock, rising oil prices caused interest rates to increase; whereas during a demand shock, falling interest rates caused oil prices to rise. Record low interest rates led to high oil price volatility in 2005. Data shows that world economic growth and price stability require stable oil markets and therefore more prudent monetary policies.
Descripción Física:1 online resource (25 pages)
Bibliografía:Includes bibliographical references.
ISBN:1283514664
9781283514668
9781451908589
145190858X
ISSN:2227-8885 ;

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