The effects of oil prices on inflation, interest rates and money

doi:10.1016/j.energy.2011.04.028

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Title:	The effects of oil prices on inflation, interest rates and money
Authors:	Wu, Man-hwa;Ni, Yen-sen
Contributors:	淡江大學管理科學學系
Keywords:	Monetary policy;Oil price;Lag-chosen criteria
Date:	2011-07-01
Issue Date:	2012-06-14 10:32:20 (UTC+8)
Publisher:	Elsevier Ltd
Abstract:	Recently, most of the relevant studies (see, e.g. Atukeren [5], Ayadi [6], Roeger [38], Trehan [44], Bermingham [7], Oladosu [34]) have focused on oilprice shocks to the economy variables such as GDP, interestrates, inflation, and industrial production, but few studies have focused on external shocks to the possible reaction of monetary policies. Thus, this paper includes money variables in empirical models and investigates the relationships among oilprices, inflation, interestrates and money. The monetary policy might take time to be effective, so the concerns of lag-chosen issues will be vital issues from the aspect of this research. Then, different lag-chosen criteria and symmetric and asymmetric lag-lengths chosen are placed in a stressed situation in this study with regard to monetary lag concerns. We find that the empirical results are quite robust concerning various lag-chosen criteria, symmetric and asymmetric models, and different time series models. So, it implies that monetary policies still matter after accounting for the oilprices, the energetic variable, with the above robustness concerns.
Relation:	Energy 36(7), pp.4158-4164
DOI:	10.1016/j.energy.2011.04.028
Appears in Collections:	[Department of Management Sciences] Journal Article

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