Measuring Oil-Price Shocks Using Market-Based Information - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Measuring Oil-Price Shocks Using Market-Based Information write by Tao Wu. This book was released on 2010-10. Measuring Oil-Price Shocks Using Market-Based Information available in PDF, EPUB and Kindle. 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.
International Dimensions of Monetary Policy
International Dimensions of Monetary Policy - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook International Dimensions of Monetary Policy write by Jordi Galí. This book was released on 2010-03-15. International Dimensions of Monetary Policy available in PDF, EPUB and Kindle. United States monetary policy has traditionally been modeled under the assumption that the domestic economy is immune to international factors and exogenous shocks. Such an assumption is increasingly unrealistic in the age of integrated capital markets, tightened links between national economies, and reduced trading costs. International Dimensions of Monetary Policy brings together fresh research to address the repercussions of the continuing evolution toward globalization for the conduct of monetary policy. In this comprehensive book, the authors examine the real and potential effects of increased openness and exposure to international economic dynamics from a variety of perspectives. Their findings reveal that central banks continue to influence decisively domestic economic outcomes—even inflation—suggesting that international factors may have a limited role in national performance. International Dimensions of Monetary Policy will lead the way in analyzing monetary policy measures in complex economies.
Measuring Oil-Price Shocks Using Market-Based Information
Measuring Oil-Price Shocks Using Market-Based Information - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Measuring Oil-Price Shocks Using Market-Based Information write by Tao Wu. This book was released on 2015. Measuring Oil-Price Shocks Using Market-Based Information available in PDF, EPUB and Kindle. We 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, we classify them into various event types. We 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 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.
The Distributional Implications of the Impact of Fuel Price Increases on Inflation
The Distributional Implications of the Impact of Fuel Price Increases on Inflation - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook The Distributional Implications of the Impact of Fuel Price Increases on Inflation write by Mr. Kangni R Kpodar. This book was released on 2021-11-12. The Distributional Implications of the Impact of Fuel Price Increases on Inflation available in PDF, EPUB and Kindle. 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.
Commodity Prices and Markets
Commodity Prices and Markets - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Commodity Prices and Markets write by Takatoshi Ito. This book was released on 2011-03. Commodity Prices and Markets available in PDF, EPUB and Kindle. Fluctuations of commodity prices, most notably of oil, capture considerable attention and have been tied to important economic effects. This book advances our understanding of the consequences of these fluctuations, providing both general analysis and a particular focus on the countries of the Pacific Rim.
