Benk, Szilárd; Gillman, Max - 2023
The paper adds money supply and inflation expectations shocks to a well-known three-variable structural model that … additional monetary shocks in impacting real oil prices. By subtracting from the money supply the temporary Federal Reserve swaps … that were used to increase liquidity during the 2008 and 2020 bank crises, shocks upwards in both the adjusted M1 money …