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Monetary and Credit Policy Options for an Oil Exporting Country

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  • Sergey Drobyshevsky

    (Gaidar Institute for Economic Policy)

  • A. Kozlovskaya
  • Pavel Trunin

    (Gaidar Institute for Economic Policy)

Abstract

The paper deals with an analysis of efficacy of monetary and credit policy in the major oil_exporting economies from the perspective of sterilization of shocks caused by money offer generated by fluctuations of export revenues fueld by oil price fluctuation on the global market. Basing on methods of evaluation of multivariate time series, the first section of the paper tests a hypothesis of efficiency of a monetary and credit policy in oil exporting economies under external price shocks. The second section presents a macroeconomic model of of general equilibrium with money in the usefulness function, which describes a small open economy that exports mineral goods the prices for which are exogenously set on the world market. Basing on results and conclusions contained in both sections, the authors formulate a series of recommendations on selecting the CBR's monetary and credit policy under high/low oil prices.

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File URL: http://www.iep.ru/files/RePEc/gai/rpaper/121Drobyshevsky.pdf
File Function: Revised version, 2013
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Article provided by Gaidar Institute for Economic Policy in its journal Research Paper Series.

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Handle: RePEc:gai:rpaper:121

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