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How important are real interest rates for oil prices?
Arora, Vipin; Tanner, Matthew - Volkswirtschaftliche Fakultät, … - 2011
Using a recursive vector autoregression (VAR), this paper considers the relation between the U.S. real interest rate and the real oil price. Theoretically, as outlined in Hotelling (1931) and Working (1949), a lower real interest rate results in reduced production and increased storage, implying...
Persistent link: https://www.econbiz.de/10009397191
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Dynamic relationships between the price of oil, gold and financial variables in Japan: a bounds testing approach
Le, Thai-Ha; Chang, Youngho - Volkswirtschaftliche Fakultät, … - 2011
This study employs the bounds testing approach to cointegration to investigate the relationships between the prices of two strategic commodities: gold and oil and the financial variables (interest rate, exchange rate and stock price) of Japan – a major oil-consuming and gold-holding country....
Persistent link: https://www.econbiz.de/10009277284
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The Cost of Capital in Markets with Opaque Intermediaries and the Risk-Structure of Interest Rates
Mierzejewski, Fernando - 2009
The demand for cash balances of financial intermediaries that establish contractual liabilities with credit-sensitive customers is characterized. As stated by Merton, the success of the business activities of such firms crucially depends on their credit quality, and hence, they are obliged to...
Persistent link: https://www.econbiz.de/10013160192
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A win-win monetary policy in Canada
Kitov, Oleg; Kitov, Ivan - Volkswirtschaftliche Fakultät, … - 2011
unemployment to the change in the level of labour force in Canada. Inherently, our model belongs to the class of Phillips curve … uncorrelated noise and systematic errors. Our previous model of inflation and unemployment in Canada is enhanced by the … price inflation accompanied by a substantial fall in the rate of unemployment. Therefore, the new monetary policy in Canada …
Persistent link: https://www.econbiz.de/10008927057
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Exact prediction of inflation and unemployment in Canada
Kitov, Ivan - Volkswirtschaftliche Fakultät, … - 2007
Potential links between inflation and unemployment in Canada have been examined. No consistent Phillips curve has been … between inflation, unemployment and labor force has been obtained for Canada. Similar relationships were reported previously … found likely due to strong changes in monetary policy of the Bank of Canada. However, there were two distinct periods where …
Persistent link: https://www.econbiz.de/10005623216
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Real Interest Rates, Bubbles and Monetary Policy in the GCC countries
Razzak, Weshah; Bentour, E M - Volkswirtschaftliche Fakultät, … - 2009
The Gulf Cooperation Council countries (GCC) include Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE. Their monetary policy objective is to stabilize the foreign price, i.e., exchange rate instead of the domestic price level, where the nominal interest rate is equalized with the US...
Persistent link: https://www.econbiz.de/10008529275
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Have U.S. Budget Deficits Raised the Real Interest Rate Yield on Tax-Free Municipal Bonds?
Cebula, Richard - Volkswirtschaftliche Fakultät, … - 2014
Using a half century of data, this empirical study adopts a simple loanable funds to investigate the impact of the budget deficits on the ex post real interest rate yield on high grade municipal bonds in the U.S. Autoregressive 2SLS estimates for the 1960-2012 study period find that the ex post...
Persistent link: https://www.econbiz.de/10011108975
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Oil supply and demand shocks and stock price: Evidence for some OECD countries
Dhaoui, Abderrazak; Saidi, Youssef - Volkswirtschaftliche Fakultät, … - 2015
This paper examines the interactive relationships between oil price shocks and stock market in 11 OECD countries using Vector Error Correction Models (VECM). Considering both world oil production and world oil prices to supervise for oil supply and oil demand shocks, strong evidence of...
Persistent link: https://www.econbiz.de/10011253065
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A Hybrid Approach for Forecasting of Oil Prices Volatility
Komijani, Akbar; Naderi, Esmaeil; Gandali Alikhani, Nadiya - Volkswirtschaftliche Fakultät, … - 2013
This study aims to introduce an ideal model for forecasting crude oil price volatility. For this purpose, the ‘predictability’ hypothesis was tested using the variance ratio test, BDS test and the chaos analysis. Structural analyses were also carried out to identify possible nonlinear...
Persistent link: https://www.econbiz.de/10011258951
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The oil price and monetary policy – a new paradigm
Amstad, Marlene; Hildebrand, Philipp - Volkswirtschaftliche Fakultät, … - 2005
The oil price hit a low of around USD 10 at the end of 1999. Since then it has moved upwards in a series of steps. In recent years it has been one of the most closely monitored components of the Consumer Price Index (CPI), which is a leading inflation indicator. When it topped the USD 50 mark in...
Persistent link: https://www.econbiz.de/10005025692