Why are crude oil prices high when global activity is weak?
There have been substantial increases in liquidity in recent years and real oil prices have almost returned to the high levels achieved before the global financial crisis. Unanticipated increases in global real M2 led to statistically significant increases in real oil prices. The historical impact of global real M2 on the real price of crude oil is important in the recovery of oil prices over 2009 to 2011.
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Gillman, Max & Nakov, Anton, 2008.
"Monetary Effects on Nominal Oil Prices,"
Cardiff Economics Working Papers
E2008/15, Cardiff University, Cardiff Business School, Economics Section, revised Nov 2009.
- Gillman, Max & Nakov, Anton, 2009. "Monetary effects on nominal oil prices," The North American Journal of Economics and Finance, Elsevier, vol. 20(3), pages 239-254, December.
- Alquist, Ron & Kilian, Lutz & Vigfusson, Robert J., 2011.
"Forecasting the Price of Oil,"
CEPR Discussion Papers
8388, C.E.P.R. Discussion Papers.
- Ron Alquist & Lutz Kilian & Robert J. Vigfusson, 2011. "Forecasting the price of oil," International Finance Discussion Papers 1022, Board of Governors of the Federal Reserve System (U.S.).
- Ron Alquist & Lutz Kilian & Robert J. Vigfusson, 2011. "Forecasting the Price of Oil," Staff Working Papers 11-15, Bank of Canada.
- Belke, Ansgar & Orth, Walter & Setzer, Ralph, 2010.
"Liquidity and the dynamic pattern of asset price adjustment: A global view,"
Journal of Banking & Finance,
Elsevier, vol. 34(8), pages 1933-1945, August.
- Ansgar Belke & Walter Orth & Ralph Setzer, 2009. "Liquidity and the Dynamic Pattern of Asset Price Adjustment: A Global View," Discussion Papers of DIW Berlin 933, DIW Berlin, German Institute for Economic Research.
- James D. Hamilton, 2011. "Historical Oil Shocks," NBER Working Papers 16790, National Bureau of Economic Research, Inc.
- Robert B. Barsky & Lutz Kilian, 2001.
"Do We Really Know that Oil Caused the Great Stagflation? A Monetary Alternative,"
NBER Working Papers
8389, National Bureau of Economic Research, Inc.
- Robert B. Barsky & Lutz Kilian, 2002. "Do We Really Know that Oil Caused the Great Stagflation? A Monetary Alternative," NBER Chapters, in: NBER Macroeconomics Annual 2001, Volume 16, pages 137-198 National Bureau of Economic Research, Inc.
- Alessio Anzuini & Marco J. Lombardi & Patrizio Pagano, 2012.
"The impact of monetary policy shocks on commodity prices,"
Temi di discussione (Economic working papers)
851, Bank of Italy, Economic Research and International Relations Area.
- A. Anzuini & M. J. Lombardi & P. Pagano, 2013. "The Impact of Monetary Policy Shocks on Commodity Prices," International Journal of Central Banking, International Journal of Central Banking, vol. 9(3), pages 125-150, September.
- Anzuini, Alessio & Lombardi, Marco J. & Pagano, Patrizio, 2010. "The impact of monetary policy shocks on commodity prices," Working Paper Series 1232, European Central Bank.
- Glick, Reuven & Leduc, Sylvain, 2012.
"Central bank announcements of asset purchases and the impact on global financial and commodity markets,"
Journal of International Money and Finance,
Elsevier, vol. 31(8), pages 2078-2101.
- Reuven Glick & Sylvain Leduc, 2011. "Central bank announcements of asset purchases and the impact on global financial and commodity markets," Working Paper Series 2011-30, Federal Reserve Bank of San Francisco.
- Kilian, Lutz, 2006.
"Not All Oil Price Shocks Are Alike: Disentangling Demand and Supply Shocks in the Crude Oil Market,"
CEPR Discussion Papers
5994, C.E.P.R. Discussion Papers.
- Lutz Kilian, 2009. "Not All Oil Price Shocks Are Alike: Disentangling Demand and Supply Shocks in the Crude Oil Market," American Economic Review, American Economic Association, vol. 99(3), pages 1053-69, June.
When requesting a correction, please mention this item's handle: RePEc:eee:ecolet:v:121:y:2013:i:1:p:133-136. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Shamier, Wendy)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.