This research evaluates the impact of oil price shocks on oil producing and consuming economies; we used a simultaneous equation framework for different countries with business relations. As expected, we found that oil-producers (here, Iran and Russia) benefit from oil price shocks. However...

Recent studies of monetary demand indicate that simple sum measurement of monetary aggregates in money demand is invalid; unless the monetary components of aggregates are perfect substitutes. Thus all predictions of monetary policies based on simple sum method of aggregation should be...