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

Ronald Ratti and Joaquin Vespignani

MPRA Paper from University Library of Munich, Germany

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 over 2009 to 2011.

Keywords: Keywords: Oil Price; Global Liquidity (search for similar items in EconPapers)
JEL-codes: E31 E32 Q41 Q43 (search for similar items in EconPapers)
Date: 2012-12-01
New Economics Papers: this item is included in nep-ene
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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Related works:
Journal Article: Why are crude oil prices high when global activity is weak? (2013) Downloads
Working Paper: Why crude oil prices are high when global activity is weak? (2013) Downloads
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