04200oam 22010574 450 991078870130332120230828232637.01-4623-3568-31-4527-1281-61-283-51466-41-4519-0858-X9786613827111(CKB)3360000000443639(EBL)3014561(SSID)ssj0000940737(PQKBManifestationID)11494007(PQKBTitleCode)TC0000940737(PQKBWorkID)10955892(PQKB)11351324(OCoLC)694141278(MiAaPQ)EBC3014561(IMF)WPIEE2006062(EXLCZ)99336000000044363920020129d2006 uf 0engur|n|---|||||txtccrWorld Crude Oil Markets : Monetary Policy and the Recent Oil Shock /Noureddine KricheneWashington, D.C. :International Monetary Fund,2006.1 online resource (27 p.)IMF Working Papers"March 2006."1-4518-6322-5 Includes bibliographical references.""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""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.IMF Working Papers; Working Paper ;No. 2006/062Petroleum productsPricesForeign exchange ratesInterest ratesMonetary policyInvestments: EnergyimfInflationimfMacroeconomicsimfEconomic TheoryimfEnergy: Demand and SupplyimfPricesimfEnergy: GeneralimfPrice LevelimfDeflationimfAgriculture: Aggregate Supply and Demand AnalysisimfInvestment & securitiesimfEconomic theory & philosophyimfOil pricesimfOilimfPrice elasticityimfSupply shocksimfPetroleum industry and tradeimfSupply and demandimfUnited StatesimfPetroleum productsPrices.Foreign exchange rates.Interest rates.Monetary policy.Investments: EnergyInflationMacroeconomicsEconomic TheoryEnergy: Demand and SupplyPricesEnergy: GeneralPrice LevelDeflationAgriculture: Aggregate Supply and Demand AnalysisInvestment & securitiesEconomic theory & philosophyOil pricesOilPrice elasticitySupply shocksPetroleum industry and tradeSupply and demandKrichene Noureddine861994International Monetary Fund.African Dept.DcWaIMFBOOK9910788701303321World Crude Oil Markets3673721UNINA