Monetary Policy and the Oil Market

1. Auflage 2016
ISBN: 978-4-431-55796-8
Verlag: Springer Japan

Buch, Englisch, 143 Seiten, HC runder Rücken kaschiert, Format (B × H): 160 mm x 241 mm, Gewicht: 3731 g

Reihe: ADB Institute Series on Development Economics

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.
































































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Zielgruppe

Research

Autoren/Hrsg.

Taghizadeh-Hesary, Farhad

Yoshino, Naoyuki

Fachgebiete

• Wirtschaftswissenschaften Wirtschaftssektoren & Branchen Energie- & Versorgungswirtschaft
• Wirtschaftswissenschaften Volkswirtschaftslehre Volkswirtschaftslehre Allgemein Geldwirtschaft, Währungspolitik

Inhaltsverzeichnis

Abstract.-
Preface.-
Chapter 1: Impact of Expansionary  Monetary Policy on Crude oil Prices.-                                                                                                                      
1. Introduction.-
2. The theoretical framework.-         
2.1. Oil consumption.-
2.1.1. Channels of transmission of monetary policies to oil consumption.-
2.2. Crude oil output.-
3. Empirical Analysis.-
3.1. Data.-
3.2. Empirical Results.-
4. Testing for Equilibrium vs. Disequilibrium in the Oil Market.-
5. Conclusions.-
 
Chapter 2: Which Side of The Economy is Affected More by Oil Prices: Supply or Demand?.-
1. Introduction.-
2. Theoretical framework.-
2.1. Theoretical considerations.-
2.2. Basic Model.-
2.3. Monetary policies and crude oil prices.-
3. Empirical Analysis.-
3.1. Data.-
3.2. Empirical results.-        
4. Conclusions.-
Appendix.-           
a) Euler, money demand, labor supply equations (log-linearized version).-          
b) Household energy consumption.-
c) Phillips curve (part 1)  .- 
d) Phillips curve (part 2).-  
e) Equation 20. Derivations.-           
 
Chapter 3: How did Monetary Policy Inflate Oil prices Following the Subprime Mortgage Crisis?.-
1. Introduction.-
2. Review of the Literature  .-          
3. Theoretical Background and the Model.-
3.1. Channels of Transmission of Monetary Policy to Oil Demand.-      
3.2. The Effect of Monetary Policy Actions on Exchange Rates.-          
3.3. Definition of the Real Effective Exchange Rate (REER).-
3.4. Theoretical Framework .-          
3.5. The Model.- 
4. Empirical Results.-         
4.1. Data Analysis.-         
4.2. The Structural Parameter Estimates.-      
4.3. Structural Impulse Response (IR) Analysis.-        
5. Conclusions.- 

 

Chapter 4: Economic Impacts of  Oil Price Fluctuations in Developed  and Developing Economies.-      
1. Introduction.-   
2. Overview of China, Japan and US’s oil and energy.-            
2.1. China.-
2.2. Japan.-          
2.3. United States.-            
3. Model.-             
4. Empirical Results.-         
5. Conclusions.-         

 

Chapter 5: Impact of Energy Prices and the Effectiveness of the Easing Monetary Policy in the Japanese Economy.-             
1. Introduction.-   
1.1. Reasons for Japan’s stagnant economy after burst of bubble.-         
1.2. Recent monetary policy of the Bank of Japan.-    
1.3. How Higher Energy Prices Create Inflation? .-    
2. Model  .-           
3. Empirical works .-          
3.1. Identification of SEM   .-         
3.2. Data Analysis.-            
3.3. Empirical results.-        
4. Conclusions.-    
 
Chapter 6: Macroeconomic Impacts of  Oil Price Fluctuations in a Trade Linked Case.-
1. Introduction.-
2. Literature Review.-        
2.1. Studies on the Effects of Oil Price Shocks on Economic Growth.- 
2.2  Studies on the Effect of Foreign Trade between the Countries on Business Cycles.-           
3. Theoretical Fundamentals.-          
3.1.  Theoretical Fundamentals of Oil Price.-            
3.2  What Is an Oil Shock?.-          
3.3  Oil Shocks Impact on Shifting Aggregate Demand Curve.-          
3.4  Oil Shocks Impact on Shifting Aggregate Supply Curve.-             
3.5.  Relationship of Economic Growth and Energy Prices.-  
3.6. Iran and Russia`s Oil Analysis Brief Overview.-  
4. Estimation Methodology, Data Analysis, Empirical Results.-             
4.1. Estimation Methodology.-        
4.2  Data Analysis.-          
4.3. Empirical Results.-      
Conclusion.-         
 III.         Conclusion.-