Series: IMF Working Papers
Author(s): Szilard Benk , and Max Gillman
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 01 November 2019
Keywords: Supply and demand, Oil prices, Real interest rates, Energy prices, Gold prices, Oil Price Shocks, Granger Predictability, Monetary Base, M1 Divisia, Swaps
Real oil prices surged from 2009 through 2014, comparable to the 1970's oil shock period. Standard explanations based on monopoly markup fall short since inflation remained low after 2009. This paper contributes st...