Real Oil Prices Since the 1990s
Università di Milano Bicocca; International Centre for Economic Research (ICER); Center for Economic Research on Pensions and Welfare Policies (CeRP); Fondazione Eni Enrico Mattei (FEEM)
January 25, 2012
FEEM (Fondazione Eni Enrico Mattei), Review of Environment, Energy and Economics (Re3), January 2012
In this study real oil price dynamics have been assessed over few important episodes since the 1990s. The evidence provides support to the demand side view: in this respect, macroeconomic shocks would appear to be the major upward driver of the real oil price over the whole period investigated, with financial shocks sizably contributing as well, and even at a larger extent since mid-2000s. A macro-finance perspective does appear to be important for the understanding of real oil price dynamics since the 1990s.
Number of Pages in PDF File: 13
Keywords: Oil price, Macro-finance Interface, International Business Cycle, Factor Vector Autoregressive Models
JEL Classification: C22, E32, G12Accepted Paper Series
Date posted: March 28, 2012
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