The impact of the U.S. Monetary Policy on the Oil Prices and the Oil Revenues of the OPEC members
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 deriv...
| Main Authors: | , |
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| Format: | Article |
| Language: | fas |
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Allameh Tabataba'i University Press
2010-06-01
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| Series: | فصلنامه پژوهشهای اقتصادی ایران |
| Subjects: | |
| Online Access: | https://ijer.atu.ac.ir/article_3448_c3ba70df16a87ca1b6f32678af431f29.pdf |
| _version_ | 1827393276103098368 |
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| author | Ali Emami Meibodi Mohammad Shamsoddin |
| author_facet | Ali Emami Meibodi Mohammad Shamsoddin |
| author_sort | Ali Emami Meibodi |
| collection | DOAJ |
| description | 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. |
| first_indexed | 2024-03-08T17:46:01Z |
| format | Article |
| id | doaj.art-75a9cc972658496593d9d7566b2d06f6 |
| institution | Directory Open Access Journal |
| issn | 1726-0728 2476-6445 |
| language | fas |
| last_indexed | 2024-03-08T17:46:01Z |
| publishDate | 2010-06-01 |
| publisher | Allameh Tabataba'i University Press |
| record_format | Article |
| series | فصلنامه پژوهشهای اقتصادی ایران |
| spelling | doaj.art-75a9cc972658496593d9d7566b2d06f62024-01-02T10:28:43ZfasAllameh Tabataba'i University Pressفصلنامه پژوهشهای اقتصادی ایران1726-07282476-64452010-06-011443811093448The impact of the U.S. Monetary Policy on the Oil Prices and the Oil Revenues of the OPEC membersAli Emami Meibodi0Mohammad Shamsoddin1Assistant Professor, Faculty of Economics, Allameh Tbatabaei UniversityPhD Candidate in Economics, Allameh-Tbatabaei UniversityThe 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.https://ijer.atu.ac.ir/article_3448_c3ba70df16a87ca1b6f32678af431f29.pdfoil priceoil revenueopecus monetary policy |
| spellingShingle | Ali Emami Meibodi Mohammad Shamsoddin The impact of the U.S. Monetary Policy on the Oil Prices and the Oil Revenues of the OPEC members فصلنامه پژوهشهای اقتصادی ایران oil price oil revenue opec us monetary policy |
| title | The impact of the U.S. Monetary Policy on the Oil Prices and the Oil Revenues of the OPEC members |
| title_full | The impact of the U.S. Monetary Policy on the Oil Prices and the Oil Revenues of the OPEC members |
| title_fullStr | The impact of the U.S. Monetary Policy on the Oil Prices and the Oil Revenues of the OPEC members |
| title_full_unstemmed | The impact of the U.S. Monetary Policy on the Oil Prices and the Oil Revenues of the OPEC members |
| title_short | The impact of the U.S. Monetary Policy on the Oil Prices and the Oil Revenues of the OPEC members |
| title_sort | impact of the u s monetary policy on the oil prices and the oil revenues of the opec members |
| topic | oil price oil revenue opec us monetary policy |
| url | https://ijer.atu.ac.ir/article_3448_c3ba70df16a87ca1b6f32678af431f29.pdf |
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