The global oil dynamics has significant implications for both oil exporting and importing small open economies. However, much of the literature on oil shocks is oriented towards advanced oil-importing economies. Micro-founded studies that explore the effects of oil shocks from the standpoint of...

With the benefit of hindsight, this paper provides a fresh and comprehensive look at the causes of the 2014-16 collapse in oil prices and its impact on the global economy. It disentangles the contribution of supply and demand factors, assesses the impact on activity in oil exporters and oil...

This paper examines the relationship between monetary policy and oil prices within a world oil demand and supply model. Low price and high income elasticities of demand and rigid supply explain high price volatilities and producers' market power. Exchange and interest rates do influence oil...

This research investigates the interrelationship between the main macroeconomic indicators of an oil exporting country and world oil prices using a vector autoregressive (VAR) approach. We focus on an economy, which is a non-OPEC oil exporter and its oil revenues account for a significant...

Financialization has tightened the links between the oil market and other major financial markets, but their relationships remain poorly understood. In this paper, we quantify the heterogeneous return spillovers from the oil market to other major financial markets in the short, medium and long...

We use a calibrated multi-sector DSGE model to analyze the likely impact of oil windfalls on the Ghanaian economy, under alternative fiscal and monetary policy responses. We distinguish between the short-run impact, associated with demand-related pressures, and the medium run impact on...