Can Oil Prices Explain the Real Appreciation of the Russian Ruble in 1998-2005?
AbstractThe paper investigates whether the 80% real appreciation of the Russian ruble in 1998-2005 can be explained by the increase in oil revenues in a calibrated general equilibrium model. It is shown that the oil prices alone cannot account for the appreciation with forward-looking permanent-income consumers, unless the oil price increase is assumed permanent. Accounting for the increase in the volume of oil exports, however, can help, provided that the increase is assumed to be permanent.
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Bibliographic InfoPaper provided by Center for Economic and Financial Research (CEFIR) in its series Working Papers with number w0083.
Length: 18 pages
Date of creation: Sep 2006
Date of revision:
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Real exchange rate; Commodity prices;
Find related papers by JEL classification:
- F31 - International Economics - - International Finance - - - Foreign Exchange
- F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
This paper has been announced in the following NEP Reports:
- NEP-ALL-2006-10-28 (All new papers)
- NEP-CIS-2006-10-28 (Confederation of Independent States)
- NEP-ENE-2006-10-28 (Energy Economics)
- NEP-TRA-2006-10-28 (Transition Economics)
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