Article

The Effects of Oil Price Shocks on Monetary Policy in Iran

02/2010; DOI:10.2139/ssrn.1551484

ABSTRACT Changes and increases in the price of oil are effective on the aggregate economic. So, it's important to study on oil price shocks, because they affect on economic growth & monetary policy.In this paper a structural and generalized VAR models has been considered for Iran in order to study the direct effects of oil price shocks on output and prices and reaction of monetary variables to external shocks over the period 1991:I–2008:I (1370:I_1386:IV). Empirical analysis shows that inflation rate increase and exchange rate decrease and gross domestic product has fluctuations.

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    ABSTRACT: In this paper we study the oil prices-macroeconomy relationship by means of studying the impact of oil price shocks on both economic activity and consumer price indexes for six Asian countries over the period 1975Q1-2002Q2. The results suggest that oil prices have a significant effect on both economic activity and price indexes although the impact is limited to the short-run and more significant when oil price shocks are defined in local currencies. Moreover, we find evidence of asymmetries in the oil prices-macroeconomy relationship for some of the Asian countries.
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