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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...
Persistent link: https://www.econbiz.de/10014400520
Expansionary monetary policies in key industrial countries and sharply depreciating U.S. dollar exchange rate sent commodities prices soaring at unprecedented rates during 2003-2007. Food prices rose to alarming levels threatening malnutrition and food riots. In contrast, consumer price indices,...
Persistent link: https://www.econbiz.de/10014401636
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Expansionary monetary policy in key industrial countries and a rapidly depreciating US dollar sent commodity prices soaring at unprecedented rates during 2003-2007. In contrast, consumer price indices in major OECD countries, a leading indicator for monetary policy, showed almost no inflation....
Persistent link: https://www.econbiz.de/10013126980
Intro -- Content -- I. INTRODUCTION -- II. OIL PRICE VOLATILITY -- III. THE DEMAND AND SUPPLY OF CRUDE OIL -- IV. ROLE OF MONETARY POLICY IN THE OIL MARKETS -- V. SOLUTION OF THE SEM -- VI. CONCLUSIONS -- APPENDIX -- REFERENCES.
Persistent link: https://www.econbiz.de/10012690972
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...
Persistent link: https://www.econbiz.de/10012752300