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The real interest rate, the real oil price, and US unemployment revisited
Andreopoulos, Spyros - School of Economics, Finance and Management, University … - 2006
The time series evidence on the relationship between unemployment and the real prices of capital and energy is re … equilibrium unemployment. Using a Markov Switching vector autoregressive method proposed by Psaradakis, Ravn, Sola (2005 … unemployment during NBER expansions only. Granger causality from the oil price to unemployment occurs in recessions. The results …
Persistent link: https://www.econbiz.de/10005077117
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Oil Matters: Real Input Prices and U.S. Unemployment Revisited
Andreopoulos, Spyros - In: Topics in Macroeconomics 9 (2009) 1, pp. 1632-1632
between unemployment and real input prices, the real prices of energy (crude oil) and capital (real interest rate). Time … forecast unemployment in recessions only, while the real interest rate does so exclusively in expansions. This finding is … real rate, is economically significant for unemployment in the long run solution of the model. …
Persistent link: https://www.econbiz.de/10005046435
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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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Do oil prices respond to real interest rates?
Arora, Vipin; Tanner, Matthew - In: Energy Economics 36 (2013) C, pp. 546-555
We show that the robustness of an inverse relationship between the real interest rate and real oil price depends crucially on how the real interest rate is calculated, and the time-frame of the sample. Consistent with earlier studies, we find that the oil price falls with an unexpected rise in...
Persistent link: https://www.econbiz.de/10010616838
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MONETARY POLICY AND OIL PRICES
Hošek, Jan; Komárek, Luboš; Motl, Martin - Department of Economics, University of Warwick - 2010
This article discusses the relationship between monetary policy and oil prices and, in a broader sense, commodity prices. Firstly, it focuses on describing the relationship between key macroeconomic variables, gas prices and other commodity prices relative to oil prices. Subsequently, it...
Persistent link: https://www.econbiz.de/10008671632
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Monetary Policy and Price of Oil
Hošek, Jan; Komárek, Luboš; Motl, Martin - In: Politická ekonomie 2011 (2011) 1, pp. 22-46
The article discusses the relationship between monetary policy and price of oil, in broader sense price of commodities. Firstly it focuses on describing the relationship of key macroeconomic variables, gas prices and other commodities against oil prices. Subsequently, it discusses the existence...
Persistent link: https://www.econbiz.de/10008876462
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Konsequenzen der Inflationsunterschiede im Euroraum
Henzel, Steffen; Sauer, Stephan - In: Ifo Schnelldienst 59 (2006) 11, pp. 12-27
Im Zuge der Gründung der Europäischen Währungsunion übernahm die Europäische Zentralbank im Januar 1999 die Verantwortung für eine einheitliche Geldpolitik im Euroraum. Während damit Nominalzinsunterschiede innerhalb der EWU praktisch der Vergangenheit angehören, existieren weiterhin...
Persistent link: https://www.econbiz.de/10005013628
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Botswana; 2006 Article IV Consultation: Staff Report; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Authorities for Botswana
International Monetary Fund (IMF); International … - 2007
The staff report for the 2006 Article IV Consultation on Botswana highlights economic developments and monetary and exchange rate policy. Botswana’s growth has been fueled by continued increases in diamond production; and real diamond output is projected to level off, and then decline...
Persistent link: https://www.econbiz.de/10011244994
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South Africa; Selected Issues
International Monetary Fund (IMF); International … - 2005
This Selected Issues paper for South Africa presents a quantitative analysis of inflation dynamics in the country. The conduct of monetary policy has been complicated by a variety of unanticipated events that have had important effects on inflation. Exposed to exchange rate and other shocks, the...
Persistent link: https://www.econbiz.de/10005252771
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Monetary Policy Credibility and the Unemployment-Inflation Tradeoff; Some Evidence From 17 Industrial Countries
Papa M'B. P. N'Diaye; Laxton, Douglas - International Monetary Fund (IMF) - 2002
inflation-unemployment process. The results provide some evidence in favor of the Lucas critique by showing that the short …-run unemployment-inflation trade-off tends to improve in countries that are successful in providing low and stable inflation. …
Persistent link: https://www.econbiz.de/10005263831