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World crude oil markets : monetary policy and the recent oil shock

Author: Noureddine Krichene; International Monetary Fund. African Department.
Publisher: [Washington, D.C.] : International Monetary Fund, African Dept., 2006.
Series: IMF working paper, WP/06/62.
Edition/Format:   eBook : Document : International government publication : EnglishView all editions and formats
Summary:
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  Read more...
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Genre/Form: Electronic books
Additional Physical Format: Print version:
Krichene, Noureddine.
World crude oil markets.
[Washington, D.C.] : International Monetary Fund, African Dept., 2006
(OCoLC)69672872
Material Type: Document, Government publication, International government publication, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Noureddine Krichene; International Monetary Fund. African Department.
ISBN: 1283514664 9781283514668 9781451908589 145190858X
OCLC Number: 694141278
Reproduction Notes: Electronic reproduction. [S.l.] : HathiTrust Digital Library, 2010. MiAaHDL
Description: 1 online resource (25 pages).
Details: Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002.
Series Title: IMF working paper, WP/06/62.
Responsibility: prepared by Noureddine Krichene.

Abstract:

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.

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