Economics, Econometrics and Finance
4 years ago

Monetary policy directly impacts global oil prices, affecting everyday consumers.

Politická ekonomie
Měnová politika a cena ropy [Monetary Policy and Price of Oil]
Jan Hošek, Luboš Komárek, Martin Motl

Paper Summary

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The article explores how monetary policy affects the price of oil and other commodities. It looks at the relationship between key economic factors, gas prices, and commodities compared to oil prices. The study also examines how monetary policy influences oil prices through various channels. Additionally, it analyzes the Czech National Bank's forecasting process, including past oil price predictions and the impact of a $30 increase in oil prices. The simulated shock in oil prices is based on the average level of Brent oil prices in the first quarter of 2010.