Benk, Szilárd; Gillman, Max - 2023
additional monetary shocks in impacting real oil prices. By subtracting from the money supply the temporary Federal Reserve swaps … supply and to inflation expectations significantly increase real oil prices; with the unadjusted M1 aggregate there is no … signiÖcant effect of money supply shocks on real oil prices. Decomposition of historical oil price shocks shows a significant …