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Author : Knut Are Aastveit
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (842 download)
Download or read book Oil Price Shocks and Monetary Policy in a Data-rich Environment written by Knut Are Aastveit and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr. Kangni R Kpodar
Publisher : International Monetary Fund
ISBN 13 : 1616356154
Total Pages : 34 pages
Book Rating : 4.6/5 (163 download)
Download or read book The Distributional Implications of the Impact of Fuel Price Increases on Inflation written by Mr. Kangni R Kpodar and published by International Monetary Fund. This book was released on 2021-11-12 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the response of consumer price inflation to changes in domestic fuel prices, looking at the different categories of the overall consumer price index (CPI). We then combine household survey data with the CPI components to construct a CPI index for the poorest and richest income quintiles with the view to assess the distributional impact of the pass-through. To undertake this analysis, the paper provides an update to the Global Monthly Retail Fuel Price Database, expanding the product coverage to premium and regular fuels, the time dimension to December 2020, and the sample to 190 countries. Three key findings stand out. First, the response of inflation to gasoline price shocks is smaller, but more persistent and broad-based in developing economies than in advanced economies. Second, we show that past studies using crude oil prices instead of retail fuel prices to estimate the pass-through to inflation significantly underestimate it. Third, while the purchasing power of all households declines as fuel prices increase, the distributional impact is progressive. But the progressivity phases out within 6 months after the shock in advanced economies, whereas it persists beyond a year in developing countries.
Author : Deren Unalmis
Publisher : International Monetary Fund
ISBN 13 : 1475598432
Total Pages : 41 pages
Book Rating : 4.4/5 (755 download)
Download or read book On the Sources and Consequences of Oil Price Shocks written by Deren Unalmis and published by International Monetary Fund. This book was released on 2012-11-08 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: Building on recent work on the role of speculation and inventories in oil markets, we embed a competitive oil storage model within a DSGE model of the U.S. economy. This enables us to formally analyze the impact of a (speculative) storage demand shock and to assess how the effects of various demand and supply shocks change in the presence of oil storage facility. We find that business-cycle driven oil demand shocks are the most important drivers of U.S. oil price fluctuations during 1982-2007. Disregarding the storage facility in the model causes a considerable upward bias in the estimated role of oil supply shocks in driving oil price fluctuations. Our results also confirm that a change in the composition of shocks helps explain the resilience of the macroeconomic environment to the oil price surge after 2003. Finally, speculative storage is shown to have a mitigating or amplifying role depending on the nature of the shock.
Author : Naoyuki Yoshino
Publisher : Springer
ISBN 13 : 4431557970
Total Pages : 155 pages
Book Rating : 4.4/5 (315 download)
Download or read book Monetary Policy and the Oil Market written by Naoyuki Yoshino and published by Springer. This book was released on 2016-03-04 with total page 155 pages. Available in PDF, EPUB and Kindle. Book excerpt: While oil price fluctuations in the past can be explained by pure supply factors, this book argues that it is monetary policy that plays a significant role in setting global oil prices. It is a key factor often neglected in much of the earlier literature on the determinants of asset prices, including oil prices. However, this book presents a framework for modeling oil prices while incorporating monetary policy. It also provides a complete theoretical basis of the determinants of crude oil prices and the transmission channels of oil shocks to the economy. Moreover, using several up-to-date surveys and examples from the real world, this book gives insight into the empirical side of energy economics. The empirical studies offer explanations for the impact of monetary policy on crude oil prices in different periods including during the subprime mortgage crisis of 2008–2009, the impact of oil price variations on developed and emerging economies, the effectiveness of monetary policy in the Japanese economy incorporating energy prices, and the macroeconomic impacts of oil price movements in trade-linked cases. This must-know information on energy economics is presented in a reader-friendly format without being overloaded with excessive and complicated calculations. enUsed="false" QFormat="true" Name="Subtle Emphasis"/>
Author : Tao Wu
Publisher : DIANE Publishing
ISBN 13 : 1437935583
Total Pages : 41 pages
Book Rating : 4.4/5 (379 download)
Download or read book Measuring Oil-Price Shocks Using Market-Based Information written by Tao Wu and published by DIANE Publishing. This book was released on 2010-10 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: The authors study the effects of oil-price shocks on the U.S economy combining narrative and quantitative approaches. After examining daily oil-related events since 1984, they classify them into various event types. They then develop measures of exogenous shocks that avoid endogeneity and predictability concerns. Estimation results indicate that oil-price shocks have had substantial and statistically significant effects during the last 25 years. In contrast, traditional vector auto-regression (VAR) approaches imply much weaker and insignificant effects for the same period. This discrepancy stems from the inability of VARs to separate exogenous oil-supply shocks from endogenous oil-price fluctuations driven by changes in oil demand. Illustrations.
Author : Robert DeFina
Publisher :
ISBN 13 :
Total Pages : 48 pages
Book Rating : 4.:/5 (318 download)
Download or read book The Optimal Response of Monetary Policy to Oil Price Shocks written by Robert DeFina and published by . This book was released on 1989 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Deren Unalmis
Publisher : International Monetary Fund
ISBN 13 : 1451874308
Total Pages : 30 pages
Book Rating : 4.4/5 (518 download)
Download or read book On the Sources of Oil Price Fluctuations written by Deren Unalmis and published by International Monetary Fund. This book was released on 2009-12-01 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: Analyzing macroeconomic impacts of oil price changes requires first to investigate different sources of these changes and their distinct effects. Kilian (2009) analyzes the effects of an oil supply shock, an aggregate demand shock, and a precautionary oil demand shock. The paper's aim is to model macroeconomic consequences of these shocks within a new Keynesian DSGE framework. It models a small open economy and the rest of the world together to discover both accompanying effects of oil price changes and their international transmission mechanisms. Our results indicate that different sources of oil price fluctuations bring remarkably diverse outcomes for both economies.
Author : Sangyup Choi
Publisher : International Monetary Fund
ISBN 13 : 1484318439
Total Pages : 55 pages
Book Rating : 4.4/5 (843 download)
Download or read book Oil Prices and Inflation Dynamics: Evidence from Advanced and Developing Economies written by Sangyup Choi and published by International Monetary Fund. This book was released on 2017-09-05 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the impact of fluctuations in global oil prices on domestic inflation using an unbalanced panel of 72 advanced and developing economies over the period from 1970 to 2015. We find that a 10 percent increase in global oil inflation increases, on average, domestic inflation by about 0.4 percentage point on impact, with the effect vanishing after two years and being similar between advanced and developing economies. We also find that the effect is asymmetric, with positive oil price shocks having a larger effect than negative ones. The impact of oil price shocks, however, has declined over time due in large part to a better conduct of monetary policy. We further examine the transmission channels of oil price shocks on domestic inflation during the recent decades, by making use of a monthly dataset from 2000 to 2015. The results suggest that the share of transport in the CPI basket and energy subsidies are the most robust factors in explaining cross-country variations in the effects of oil price shocks during the this period.
Author : Mr.Noureddine Krichene
Publisher : INTERNATIONAL MONETARY FUND
ISBN 13 : 9781451863222
Total Pages : 0 pages
Book Rating : 4.8/5 (632 download)
Download or read book World Crude Oil Markets written by Mr.Noureddine Krichene and published by INTERNATIONAL MONETARY FUND. This book was released on 2006-03-01 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Author : Martin Bodenstein
Publisher : DIANE Publishing
ISBN 13 : 1437980503
Total Pages : 47 pages
Book Rating : 4.4/5 (379 download)
Download or read book Oil Shocks and the Zero Bound on Nominal Interest Rates written by Martin Bodenstein and published by DIANE Publishing. This book was released on 2011-04 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: Beginning in 2009, in many advanced economies, policy rates reached their zero lower bound (ZLB). Almost at the same time, oil prices started rising again. The authors analyze how the ZLB affects the propagation of oil shocks. As these shocks move inflation and output in opposite directions, their effects on economic activity are cushioned when monetary policy is constrained. The burst of inflation from an oil price increase lowers real interest rates at the ZLB and stimulates theinterest-sensitive component of GDP, offsetting the usual contractionary effects. In fact, if the increase in oil prices is gradual, the persistent rise in inflation can cause a GDP expansion. Illus. This is a print on demand report.
Author : Basil Oberholzer
Publisher :
ISBN 13 : 9781786437884
Total Pages : 0 pages
Book Rating : 4.4/5 (378 download)
Download or read book Monetary Policy and Crude Oil written by Basil Oberholzer and published by . This book was released on 2017 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global crude oil market is critically important in many respects. It is the fuel that drives the global economy and, as such, is the focus of climate policies. Moreover, crude oil is the basis of a tradable financial asset. It is therefore connected to several outstanding macroeconomic developments of recent years, including financial market fluctuations, the financial crisis and the exceptional conduct of monetary policy. This book investigates the impacts of monetary policy and the financial system on the global crude oil market. Furthermore, it outlines how monetary policy may also be used to guarantee stability and to contribute to ecological sustainability. This unique and innovative book will appeal to students and economists interested in macroeconomics, the environment, energy and monetary policy. It will also be essential reading for policy makers and those interested in economic policy that will benefit both society and the environment.
Author : Junhee Lee
Publisher :
ISBN 13 :
Total Pages : 34 pages
Book Rating : 4.:/5 (437 download)
Download or read book Nature of oil price shocks and monetary policy written by Junhee Lee and published by . This book was released on 2009 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: We investigate the nature of oil price shocks to the Korean economy in recent years and find that the recent hike in oil price is induced by the increase in oil demand in contrast to the previous years when oil price run-up is mostly from supply disruptions. We also study how monetary responses to oil price shocks affect economic stability and find that an accommodative policy yields more stable outcomes.
Author : Mr.Benjamin Hunt
Publisher : INTERNATIONAL MONETARY FUND
ISBN 13 : 9781451843125
Total Pages : 0 pages
Book Rating : 4.8/5 (431 download)
Download or read book The Macroeconomic Effects of Higher Oil Prices written by Mr.Benjamin Hunt and published by INTERNATIONAL MONETARY FUND. This book was released on 2001-02-01 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper uses MULTIMOD to analyze the macroeconomic effects of oil price shocks, distinguishing between temporary, more persistent, and permanent shocks. It provides perspectives on several findings in the literature and the key role of monetary policy in influencing macroeconomic outcomes. Specific attention is paid to the channels through which oil price increases can pass through into core inflation, a possible explanation of the asymmetric relationship between oil prices and economic activity, the role of monetary policy credibility, the implications of delayed policy responses, and the relative merits of leaning in different directions when the correct policy response is uncertain.
Author : Robert DeFina
Publisher :
ISBN 13 :
Total Pages : 40 pages
Book Rating : 4.:/5 (281 download)
Download or read book Monetary Policy and Oil Price Shocks written by Robert DeFina and published by . This book was released on 1992 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Sylvain Leduc
Publisher :
ISBN 13 :
Total Pages : 22 pages
Book Rating : 4.:/5 (248 download)
Download or read book A Quantitative Analysis of Oil-price Shocks, Systematic Monetary Policy, and Economic Downturns written by Sylvain Leduc and published by . This book was released on 2001 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Bruce McGough
Publisher :
ISBN 13 :
Total Pages : 290 pages
Book Rating : 4.:/5 (47 download)
Download or read book Learning, Oil Price Shocks, and Monetary Policy written by Bruce McGough and published by . This book was released on 2000 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : S. Leduc
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (11 download)
Download or read book A Quantative Analysis of Oil-price Shocks, Systematic Monetary Policy, and Economic Downturns written by S. Leduc and published by . This book was released on 2001 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
