Hidden Bibliographic Details
| Other authors / contributors: | International Monetary Fund. African Department, issuing body.
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| ISBN: | 1451905874
9781451905878
1462317553
9781462317554
1452753202
9781452753201
1282108395
9781282108394
9786613801746
6613801747
9781451860511
145186051X
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| Notes: | Includes bibliographical references (pages 23-24).
Restrictions unspecified
Electronic reproduction. [Place of publication not identified] : HathiTrust Digital Library, 2010.
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. http://purl.oclc.org/DLF/benchrepro0212
English.
digitized 2010 HathiTrust Digital Library committed to preserve
Print version record.
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| Summary: | A model for world crude oil and natural gas markets is estimated. It confirms low price and high income elasticities of demand for both crude oil and natural gas, which explains the market power of oil producers and price volatility following shocks. The paper establishes a relationship between oil prices, changes in the nominal effective exchange rate (NEER) of the U.S. dollar, and the U.S. interest rates, thereby identifying demand shocks arising from monetary policy. Both interest rates and the NEER are shown to influence crude prices inversely. The results imply that crude oil prices should be included in the policy rule equation of an inflation targeting model.
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| Other form: | Print version: Krichene, Noureddine. Simultaneous equations model for world crude oil and natural gas markets. Washington, D.C. : International Monetary Fund, ©2005
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| Standard no.: | 10.5089/9781451905878.001
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