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Monetary and Credit Policy Options for an Oil Exporting Country

Listed author(s):
  • Sergey Drobyshevsky

    (Gaidar Institute for Economic Policy)

  • A. Kozlovskaya
  • Pavel Trunin

    (Gaidar Institute for Economic Policy)

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
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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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  1. Carl E. Walsh, 2003. "Monetary Theory and Policy, 2nd Edition," MIT Press Books, The MIT Press, edition 2, volume 1, number 0262232316, January.
  2. Ang, Andrew & Bekaert, Geert, 2002. "Regime Switches in Interest Rates," Journal of Business & Economic Statistics, American Statistical Association, vol. 20(2), pages 163-182, April.
  3. Hamilton, James D, 1983. "Oil and the Macroeconomy since World War II," Journal of Political Economy, University of Chicago Press, vol. 91(2), pages 228-248, April.
  4. Lucas, Robert Jr., 1990. "Liquidity and interest rates," Journal of Economic Theory, Elsevier, vol. 50(2), pages 237-264, April.
  5. Kamas, Linda, 1986. "The Balance of Payments Offset to Monetary Policy: Monetarist, Portfolio Balance, and Keynesian Estimates for Mexico and Venezuela," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 18(4), pages 467-481, November.
  6. Favero, Carlo A., 2001. "Applied Macroeconometrics," OUP Catalogue, Oxford University Press, number 9780198296850.
  7. Michael Dotsey & Max Reid, 1992. "Oil shocks, monetary policy, and economic activity," Economic Review, Federal Reserve Bank of Richmond, issue Jul, pages 14-27.
  8. P N Snowden & M A Salisu & N Taher, 2000. "Oiling the wheels: credit and monetary neutrality in Saudi Arabia," Working Papers 539748, Lancaster University Management School, Economics Department.
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