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Měnová politika a cena ropy

Monetary Policy and Price of Oil

Jan Hošek, Lubos Komarek () and Martin Motl

Politická ekonomie, 2011, vol. 2011, issue 1, 22-46

Abstract: The article discusses the relationship between monetary policy and price of oil, in broader sense price of commodities. Firstly it focuses on describing the relationship of key macroeconomic variables, gas prices and other commodities against oil prices. Subsequently, it discusses the existence of a "transmission channels" through which monetary policy can be propagated into oil prices (or prices of commodities). Secondly it provides further insight into the forecasting process of the CNB, in both a retrospective look back at the prospects of oil prices in the past and the analysis of transitory and permanent shock (the rise in oil prices of 30 USD/b). Simulated oil price shock is calculated from the average level of Brent oil prices in the first quarter of 2010, i.e. 77.50 USD/b.

Keywords: monetary policy; real interest rate; oil price; oil price shock (search for similar items in EconPapers)
JEL-codes: C53 E52 N50 (search for similar items in EconPapers)
Date: 2011
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