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A stylized exchange rate pass-through model of crude oil price formation

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  • Ayoub Yousefi
  • Tony S. Wirjanto

Abstract

This paper presents a stylized exchange rate pass-through model of crude oil price formation for the purpose of understanding the price reactions of OPEC Member Countries to changes in the exchange rate of the US dollar against major currencies and the prices of other Members. Our empirical results suggest that, in response to changes in the exchange rate, exporting countries tend to adjust their prices to secure a stable international purchasing power of oil revenues and to avoid suppressing market demand and losing market share. Copyright 2005 Organization of the Petroleum Exporting Countries.

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Bibliographic Info

Article provided by Organization of the Petroleum Exporting Countries in its journal OPEC Review.

Volume (Year): 29 (2005)
Issue (Month): 3 (09)
Pages: 177-197

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Handle: RePEc:bla:opecrv:v:29:y:2005:i:3:p:177-197

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Web page: http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291753-0237

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Cited by:
  1. Marcel Fratzscher & Daniel Schneider & Ine Van Robays, 2013. "Oil Prices, Exchange Rates and Asset Prices," Discussion Papers of DIW Berlin 1302, DIW Berlin, German Institute for Economic Research.
  2. Elbeck, Matt, 2010. "Advancing the design of a dynamic petro-dollar currency basket," Energy Policy, Elsevier, vol. 38(4), pages 1938-1945, April.
  3. Andreas Breitenfellner & Jesus Crespo Cuaresma, 2008. "Crude Oil Prices and the USD/EUR Exchange Rate," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 4.

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