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010   $a1-4519-0858-X
010   $a9786613827111
035   $a(CKB)3360000000443639
035   $a(EBL)3014561
035   $a(SSID)ssj0000940737
035   $a(PQKBManifestationID)11494007
035   $a(PQKBTitleCode)TC0000940737
035   $a(PQKBWorkID)10955892
035   $a(PQKB)11351324
035   $a(OCoLC)694141278
035   $a(MiAaPQ)EBC3014561
035   $a(IMF)WPIEE2006062
035   $a(EXLCZ)993360000000443639
100   $a20020129d2006      uf             0
101 0 $aeng
135   $aur|n|---|||||
181   $ctxt
182   $cc
183   $acr
200 10$aWorld Crude Oil Markets : $eMonetary Policy and the Recent Oil Shock /$fNoureddine Krichene
210  1$aWashington, D.C. :$cInternational Monetary Fund,$d2006.
215   $a1 online resource (27 p.)
225 1 $aIMF Working Papers
300   $a"March 2006."
311   $a1-4518-6322-5 
320   $aIncludes bibliographical references.
327   $a""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""
330 3 $aThis paper examines the relationship between monetary policy and oil prices within a world oil demand and supply model. Low price and high income elasticities of demand and rigid supply explain high price volatilities and producers' market power. Exchange and interest rates do influence oil market equilibrium. The relationship between oil prices and interest rates is a two-way relationship that depends on the type of oil shock. During a supply shock, rising oil prices caused interest rates to increase; whereas during a demand shock, falling interest rates caused oil prices to rise. Record low interest rates led to high oil price volatility in 2005. Data shows that world economic growth and price stability require stable oil markets and therefore more prudent monetary policies.
410  0$aIMF Working Papers; Working Paper ;$vNo. 2006/062
606   $aPetroleum products$xPrices
606   $aForeign exchange rates
606   $aInterest rates
606   $aMonetary policy
606   $aInvestments: Energy$2imf
606   $aInflation$2imf
606   $aMacroeconomics$2imf
606   $aEconomic Theory$2imf
606   $aEnergy: Demand and Supply$2imf
606   $aPrices$2imf
606   $aEnergy: General$2imf
606   $aPrice Level$2imf
606   $aDeflation$2imf
606   $aAgriculture: Aggregate Supply and Demand Analysis$2imf
606   $aInvestment & securities$2imf
606   $aEconomic theory & philosophy$2imf
606   $aOil prices$2imf
606   $aOil$2imf
606   $aPrice elasticity$2imf
606   $aSupply shocks$2imf
606   $aPetroleum industry and trade$2imf
606   $aSupply and demand$2imf
607   $aUnited States$2imf
615  0$aPetroleum products$xPrices.
615  0$aForeign exchange rates.
615  0$aInterest rates.
615  0$aMonetary policy.
615  7$aInvestments: Energy
615  7$aInflation
615  7$aMacroeconomics
615  7$aEconomic Theory
615  7$aEnergy: Demand and Supply
615  7$aPrices
615  7$aEnergy: General
615  7$aPrice Level
615  7$aDeflation
615  7$aAgriculture: Aggregate Supply and Demand Analysis
615  7$aInvestment & securities
615  7$aEconomic theory & philosophy
615  7$aOil prices
615  7$aOil
615  7$aPrice elasticity
615  7$aSupply shocks
615  7$aPetroleum industry and trade
615  7$aSupply and demand
700   $aKrichene$b Noureddine$0861994
712 02$aInternational Monetary Fund.$bAfrican Dept.
801  0$bDcWaIMF
906   $aBOOK
912   $a9910788701303321
996   $aWorld Crude Oil Markets$93673721
997   $aUNINA