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|
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