Paper Information

Journal:   IRANIAN ECONOMIC RESEARCH   SUMMER 2010 , Volume 14 , Number 43; Page(s) 81 To 109.
 
Paper: 

THE IMPACT OF THE U.S. MONETARY POLICY ON THE OIL PRICES AND THE OIL REVENUES OF THE OPEC MEMBERS

 
 
Author(s):  EMAMI MEIBODI ALI, SHAMSODDIN MOHAMMAD
 
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Abstract: 

The introduction of the new oil exchanges and development of oil derivatives transactions have dramatically changed the mechanism of oil price movements.
Expectations of monetary policies and directions of money flows between the financial and commodity markets have played fundamental roles in deriving the oil prices in the world markets. This paper investigates the effect of the U.S. monetary policy on the real prices of oil and the real revenues of the OPEC member countries using the Dornbusch’s overshooting model. The results show the negative long run Co-integration between oil prices and the U.S. interest rates. The results of the Random Effect Model also reveal that the difference between the real interest rates of the U.S. and that of the OPEC members has a negative impact on the oil revenues of the OPEC members.

 
Keyword(s): OIL PRICE, OIL REVENUE, OPEC, US MONETARY POLICY
 
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