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Monetary and Credit Policy Options for an Oil Exporting Country

Author

Listed:
  • 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.

Suggested Citation

  • Sergey Drobyshevsky & A. Kozlovskaya & Pavel Trunin, . "Monetary and Credit Policy Options for an Oil Exporting Country," Research Paper Series, Gaidar Institute for Economic Policy.
    • Handle: RePEc:gai:rpaper:121
    as

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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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    References listed on IDEAS

    as
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    8. van Amano, Robert A & Norden, Simon, 1998. "Exchange Rates and Oil Prices," Review of International Economics, Wiley Blackwell, vol. 6(4), pages 683-694, November.
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    Cited by:

    1. Kiyutsevskaya Anna, 2017. "Monetary Policy: The Specific Features of Its Implementation in the Current Phase of Economic Development," Working Papers wpaper-2017-298, Gaidar Institute for Economic Policy, revised 2017.

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    More about this item

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy

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