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U.S. Monetary Policy Spillovers to GCC Countries: Do Oil Prices Matter?

This paper provides empirical evidence that the size of the spillovers from U.S. monetary policy to non-oil GDP growth in the GCC countries depends on the level of oil prices. The potential channels through which oil prices could affect the effectiveness of monetary policy are discussed. We find tha...

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Bibliographic Details
Main Author: Adedeji, Olumuyiwa
Other Authors: Roos, Erik, Shahid, Sohaib, Zhu, Ling
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 2019
Series:IMF Working Papers
Subjects:
International Finance
Interest Rates
Externalities
Energy: Demand And Supply
Economic Integration
Economics
Oil Prices
Finance
Cross-country Output Convergence
Financial Sector Policy And Analysis
Financial Services
Aggregate Productivity
Real Interest Rates
Asset And Liability Management
Spillovers
Liquidity
International Policy Coordination And Transmission
Banks And Banking
Financial Markets And The Macroeconomy
Prices
Macroeconomics
Measurement Of Economic Growth
Banking
Interest Rates: Determination, Term Structure, And Effects
Empirical Studies Of Trade
Portfolio Choice
Finance: General
Investment Decisions
Central Bank Policy Rate
United States
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
Description
Summary:This paper provides empirical evidence that the size of the spillovers from U.S. monetary policy to non-oil GDP growth in the GCC countries depends on the level of oil prices. The potential channels through which oil prices could affect the effectiveness of monetary policy are discussed. We find that the level of oil prices tends to dampen or amplify the growth impact of changes in U.S. monetary policy on the non-oil economies in the GCC.
Physical Description:15 pages
ISBN:9781513519357

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