Why crude oil prices are high when global activity is weak?

Ronald Ratti and Joaquin Vespignani

No 2013-01, Working Papers from University of Tasmania, Tasmanian School of Business and Economics

Abstract: There have been substantial increases in liquidity in recent years and real oil prices have almost returned to the high levels achieved before the Global financial crisis. Unanticipated increases in global real M2 lead to statistically significant increases in real oil prices. The cumulative impact of global real M2 on the real price of crude oil is important in the recovery of oil price during 2009 and 2010.

Keywords: Oil Price; Global Liquidity (search for similar items in EconPapers)
JEL-codes: E31 E32 Q41 Q43 (search for similar items in EconPapers)
Pages: 29 pages
Date: 2013-03-20, Revised 2013-03-20
New Economics Papers: this item is included in nep-ene and nep-mac
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Citations: View citations in EconPapers (59)

Published by the University of Tasmania. Discussion paper 2013-01

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Related works:
Working Paper: Why are crude oil prices high when global activity is weak? (2012)
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