Why crude oil prices are 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 lead to statistically significant increases in real oil prices. The cumulative impact of global real M2 on the real price of crude oil is important in the recovery of oil price during 2009 and 2010.
|Date of creation:||20 Mar 2013|
|Date of revision:||20 Mar 2013|
|Publication status:||Published by the University of Tasmania. Discussion paper 2013-01|
|Contact details of provider:|| Postal: |
Phone: +61 3 6226 7672
Fax: +61 3 6226 7587
Web page: http://www.utas.edu.au/economics-finance/
More information through EDIRC
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.:
- 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.
- 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.
- 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.
- 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.
- James D. Hamilton, 2011. "Historical Oil Shocks," NBER Working Papers 16790, National Bureau of Economic Research, Inc.
When requesting a correction, please mention this item's handle: RePEc:tas:wpaper:16298. 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: (Derek Rowlands)
If references are entirely missing, you can add them using this form.