World crude oil markets : monetary policy and the recent oil shock / / prepared by Noureddine Krichene

• Autore: Krichene Noureddine
• Pubblicazione: [Washington, D.C.], : International Monetary Fund, African Dept., 2006
• Edizione: 1st ed.
• Descrizione fisica: 1 online resource (27 p.)
• Soggetto topico: Petroleum products - Prices; Foreign exchange rates; Interest rates; Monetary policy
• Note generali: "March 2006."
• Nota di bibliografia: Includes bibliographical references.
• Nota di contenuto: ""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""
• Sommario/riassunto: 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.
• Titolo autorizzato: World Crude Oil Markets
• ISBN: 1-4623-3568-3; 1-4527-1281-6; 1-283-51466-4; 1-4519-0858-X; 9786613827111
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Lingua di pubblicazione: Inglese
• Record Nr.: 9910810746903321
• Lo trovi qui: Univ. Federico II
• Serie: IMF working paper ; ; WP/06/62.