 Sustainable development during the post-COVID-19 period: Role of crude oilLijuan Peng and Chao Liang Resources Policy, 2023, vol. 85, issue PA Abstract: The COVID-19 outbreak has led to severe global inflation, potentially leading to significant alterations in the link between inflation and the crude oil market. On this basis, the purpose of this paper is to investigate the impact of inflation on the crude oil market before and during COVID-19. Our findings imply that inflation has a significant positive effect on crude oil, especially during COVID-19. Most significantly, we further discover that crude oil markets are more impacted by extreme inflation shocks than normal shocks. Furthermore, the inflation-oil relation is mainly driven by extremely negative shocks. Finally, we investigate the forecasting efficiency of inflation during the epidemic, and the results prove that inflation provides useful information for forecasting crude oil volatility. Our results can help relevant market participants and policy-makers better advance their work in the postepidemic era and achieve global sustainable development. Keywords: Inflation; COVID-19; Crude oil markets; GARCH-MIDAS (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:eee:jrpoli:v:85:y:2023:i:pa:s0301420723005548 DOI: 10.1016/j.resourpol.2023.103843 Access Statistics for this article Resources Policy is currently edited by R. G. Eggert More articles in Resources Policy from Elsevier |
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