This PDF is a selection from a published volume from... Research Volume Title: International Dimensions of Monetary Policy
... deflator, and measured in natural logarithms. This transformation gives us a better sense of the magnitude of the changes in the real price of oil. As the figure makes clear, such changes have often been very large, and concentrated over relatively short periods of time. It is useful to start with d ...
... deflator, and measured in natural logarithms. This transformation gives us a better sense of the magnitude of the changes in the real price of oil. As the figure makes clear, such changes have often been very large, and concentrated over relatively short periods of time. It is useful to start with d ...
Causes and Consequences of Oil Price Shocks on the UK Economy
... The analysis developed in this paper also focuses on the demand side of the oil market. It is worth noting that the traditional emphasis on physical oil supply shocks in explaining oil price ‡uctuations is misplaced as provided by a large number of studies such as Barsky and Kilian (2002), Kilian (2 ...
... The analysis developed in this paper also focuses on the demand side of the oil market. It is worth noting that the traditional emphasis on physical oil supply shocks in explaining oil price ‡uctuations is misplaced as provided by a large number of studies such as Barsky and Kilian (2002), Kilian (2 ...
Oil and US GDP: A Real-Time Out-of-Sample Examination Francesco Ravazzolo Norges Bank
... may be available only with a delay. Due to these concerns, use of ex-post revised data may give a misleading impression of the relative real-time OOS forecasting performance of the alternative models considered.4 Accordingly, the main empirical issue we examine in this paper is the extent to which i ...
... may be available only with a delay. Due to these concerns, use of ex-post revised data may give a misleading impression of the relative real-time OOS forecasting performance of the alternative models considered.4 Accordingly, the main empirical issue we examine in this paper is the extent to which i ...
A Monetary Explanation of the Great Stagflation
... March, the price of crude oil has jumped to almost $26 a barrel, up from less than $10 last December and its highest since the Gulf war in 1991. This near-tripling of oil prices evokes scary memories of the 1973 oil shock, when prices quadrupled, and 1979-80, when they also almost tripled. Both prev ...
... March, the price of crude oil has jumped to almost $26 a barrel, up from less than $10 last December and its highest since the Gulf war in 1991. This near-tripling of oil prices evokes scary memories of the 1973 oil shock, when prices quadrupled, and 1979-80, when they also almost tripled. Both prev ...
How Can Commodity Producers Make Fiscal & Monetary Policy
... Economic growth among mineral-exporting countries is, if anything, lower than others. ...
... Economic growth among mineral-exporting countries is, if anything, lower than others. ...
China`s heavily indebted corporate sector, Week in Focus, 15
... 30 per barrel – a low last seen in the spring of 2004 (Chart 8). The recent price slide had been triggered by market turmoil in China, with concern over weaker demand in the second-largest oil consuming country increasing as a result. After all, around one third of the rise in global oil demand in r ...
... 30 per barrel – a low last seen in the spring of 2004 (Chart 8). The recent price slide had been triggered by market turmoil in China, with concern over weaker demand in the second-largest oil consuming country increasing as a result. After all, around one third of the rise in global oil demand in r ...
The Sectoral Impact of the Crisis
... recessionary impact of the crisis through 2009, and such difficulties may persist to occur for the most of 2010. The negative impact of the crisis on the real economy and its spills – over effects into the social sector would be severe in 2009 and 2010, as the reduced financial resources available t ...
... recessionary impact of the crisis through 2009, and such difficulties may persist to occur for the most of 2010. The negative impact of the crisis on the real economy and its spills – over effects into the social sector would be severe in 2009 and 2010, as the reduced financial resources available t ...
www.ssoar.info Indonesia Rejoining OPEC: Dynamics of the Oil
... Reactivation of Indonesia’s full membership to the Organization of the Petroleum Exporting Countries (OPEC) triggered discussion surrounding global petroleum governance. The country which decided to suspend its full membership at the end of 2008, currently labelled as net oil importer. However, in O ...
... Reactivation of Indonesia’s full membership to the Organization of the Petroleum Exporting Countries (OPEC) triggered discussion surrounding global petroleum governance. The country which decided to suspend its full membership at the end of 2008, currently labelled as net oil importer. However, in O ...
SUMMARY OF THE MONETARY POLICY COMMITTEE MEETING
... 1. In March, consumer prices were up 0.41 percent and annual inflation remained unchanged at 10.43 percent. The surge in annual energy inflation continued amid the soaring international oil prices in this period. Meanwhile, annual inflation in core goods group decelerated, and the moderate course of ...
... 1. In March, consumer prices were up 0.41 percent and annual inflation remained unchanged at 10.43 percent. The surge in annual energy inflation continued amid the soaring international oil prices in this period. Meanwhile, annual inflation in core goods group decelerated, and the moderate course of ...
Oil price shocks and monetary policy in a data-rich
... global aggregate demand that increase the real price of oil also negatively affect the U.S. economy. However, in contrast to an oil-specific demand shock or an oil supply shock, the negative effect on the real economy is delayed. Third, the estimated effect of a negative oil supply shock on the U.S. ...
... global aggregate demand that increase the real price of oil also negatively affect the U.S. economy. However, in contrast to an oil-specific demand shock or an oil supply shock, the negative effect on the real economy is delayed. Third, the estimated effect of a negative oil supply shock on the U.S. ...
euglena Research - Well Investments Research
... manufacturing costs are at least three to four times higher than they should be for algae-mixed fuel to be competitive. To challenge or even approach crude oil and alternative fuels, algae biofuel needs to drop to $2 per gallon16 from a current industry average of $7 to $15 per gallon, Curry told B ...
... manufacturing costs are at least three to four times higher than they should be for algae-mixed fuel to be competitive. To challenge or even approach crude oil and alternative fuels, algae biofuel needs to drop to $2 per gallon16 from a current industry average of $7 to $15 per gallon, Curry told B ...
DOC - World bank documents
... prices of petrol, diesel and kerosene have been inadequately and infrequently adjusted, and do not reflect the higher cost of oil imports. Most of the price burden has been borne by governments who have relied on international borrowing and their foreign exchange reserves to finance the increased im ...
... prices of petrol, diesel and kerosene have been inadequately and infrequently adjusted, and do not reflect the higher cost of oil imports. Most of the price burden has been borne by governments who have relied on international borrowing and their foreign exchange reserves to finance the increased im ...
NBER WORKING PAPER SERIES SO DIFFERENT FROM THE 1970S?
... ble for the differential response of the economy to the oil shocks. In particular, the stronger commitment by central banks to maintaining a low and stable rate of inflation, reflected in the widespread adoption of more or less explicit inflation targeting strategies, may have led to an improvement ...
... ble for the differential response of the economy to the oil shocks. In particular, the stronger commitment by central banks to maintaining a low and stable rate of inflation, reflected in the widespread adoption of more or less explicit inflation targeting strategies, may have led to an improvement ...
Texte intégral - Ecole d`économie de Paris
... ble for the differential response of the economy to the oil shocks. In particular, the stronger commitment by central banks to maintaining a low and stable rate of inflation, reflected in the widespread adoption of more or less explicit inflation targeting strategies, may have led to an improvement ...
... ble for the differential response of the economy to the oil shocks. In particular, the stronger commitment by central banks to maintaining a low and stable rate of inflation, reflected in the widespread adoption of more or less explicit inflation targeting strategies, may have led to an improvement ...
Thesis - Kyiv School of Economics
... undertaken, so that the factors, which may explain this decline, are formally determined. Employing data from 19 industrialized countries and estimating augmented Phillips curve model with error correction term, the author proceeds by checking the stability of the estimated short-run pass-through co ...
... undertaken, so that the factors, which may explain this decline, are formally determined. Employing data from 19 industrialized countries and estimating augmented Phillips curve model with error correction term, the author proceeds by checking the stability of the estimated short-run pass-through co ...
The Macroeconomic Effects of Oil Price Shocks: Why are the 2000s
... many of the themes of our paper, the role of other shocks, the role of monetary policy, and the role of wage setting. On the empirical side, Hamilton showed in a series of contributions (see, in particular, Hamilton (1983, 1996)) that most of U.S. recessions were preceded by increases in the price ...
... many of the themes of our paper, the role of other shocks, the role of monetary policy, and the role of wage setting. On the empirical side, Hamilton showed in a series of contributions (see, in particular, Hamilton (1983, 1996)) that most of U.S. recessions were preceded by increases in the price ...
Oil and US GDP: A Real-Time Out-of-Sample Examination
... only with a delay. Due to these concerns, use of ex-post revised data may give a misleading impression of the relative real-time OOS forecasting performance of the alternative models considered. Accordingly, the main empirical issue we examine in this paper is the extent to which imposition of real- ...
... only with a delay. Due to these concerns, use of ex-post revised data may give a misleading impression of the relative real-time OOS forecasting performance of the alternative models considered. Accordingly, the main empirical issue we examine in this paper is the extent to which imposition of real- ...
The Macroeconomic Effects of Oil Price from the 1970s? ∗
... ble for the differential response of the economy to the oil shocks. In particular, the stronger commitment by central banks to maintaining a low and stable rate of inflation, reflected in the widespread adoption of more or less explicit inflation targeting strategies, may have led to an improvement ...
... ble for the differential response of the economy to the oil shocks. In particular, the stronger commitment by central banks to maintaining a low and stable rate of inflation, reflected in the widespread adoption of more or less explicit inflation targeting strategies, may have led to an improvement ...
Qatar - Deutsche Bank Research
... their vast financial wealth in form of FX reserves and SWFs as well as easy access to financial markets. This should allow them to maintain public investment and keep economic growth in positive territory. In the medium-term, continuously cheap oil would put growing pressure on GCC governments to re ...
... their vast financial wealth in form of FX reserves and SWFs as well as easy access to financial markets. This should allow them to maintain public investment and keep economic growth in positive territory. In the medium-term, continuously cheap oil would put growing pressure on GCC governments to re ...
Chapter 21: Oligopoly
... effective cartel, (8) there also must be high barriers to entry. If there were low barriers to entry, new sellers would enter, motivated by the high economic profits. The new sellers would either lower prices to take customers away from the cartel members, forcing the cartel to lower its prices, or ...
... effective cartel, (8) there also must be high barriers to entry. If there were low barriers to entry, new sellers would enter, motivated by the high economic profits. The new sellers would either lower prices to take customers away from the cartel members, forcing the cartel to lower its prices, or ...
Effect of Iran Oil Revenues on Liquidity and Ways to
... Liquidity rules in money market and the economy have various impacts on economic variables, and if not properly managed causing a lot of problems in economy. Task Facilities Payment (required), Facilities to quick impact firms, forcing the liquidity in the Government's economic plan and such issues ...
... Liquidity rules in money market and the economy have various impacts on economic variables, and if not properly managed causing a lot of problems in economy. Task Facilities Payment (required), Facilities to quick impact firms, forcing the liquidity in the Government's economic plan and such issues ...
Food Commodity Prices Volatility: The Role of Biofuels
... between food commodity prices and crude oil prices. Although the impact of higher crude prices on the demand and supply of grains and oilseeds takes time, efficient futures markets should anticipate these effects. It is useful to distinguish the price level and price volatility effects of the expans ...
... between food commodity prices and crude oil prices. Although the impact of higher crude prices on the demand and supply of grains and oilseeds takes time, efficient futures markets should anticipate these effects. It is useful to distinguish the price level and price volatility effects of the expans ...
Oil Price, Exchange Rate and the Indian Macro Economy
... The first part of the present work is to study how variations in oil prices affect the Indian macro economy (price, output, interest rate, exchange rate). India is the fourth largest oil importer in the world after US, Japan and China. Its demand for oil is expected to rise very fast in the future ...
... The first part of the present work is to study how variations in oil prices affect the Indian macro economy (price, output, interest rate, exchange rate). India is the fourth largest oil importer in the world after US, Japan and China. Its demand for oil is expected to rise very fast in the future ...
Oil Price Shocks, Monetary Policy and Stagflation
... the central bank – by quenching completely the inflationary pressures associated with unexpectedly high oil prices – prevents stagflation from arising, but at the cost of a recession. The problem is that the data do not show a significant recession between 2003 and mid 2008, so this explanation seem ...
... the central bank – by quenching completely the inflationary pressures associated with unexpectedly high oil prices – prevents stagflation from arising, but at the cost of a recession. The problem is that the data do not show a significant recession between 2003 and mid 2008, so this explanation seem ...
1973 oil crisis
The 1973 oil crisis began in October 1973 when the members of the Organization of Arab Petroleum Exporting Countries (OAPEC, consisting of the Arab members of the OPEC plus Egypt and Syria) proclaimed an oil embargo. By the end of the embargo in March 1974, the price of oil had risen from $3 per barrel to nearly $12. The oil crisis, or ""shock"", had many short-term and long-term effects on global politics and the global economy. It was later called the ""first oil shock"", followed by the 1979 oil crisis, termed the ""second oil shock.""