U.S. Monetary Policy Spillovers to GCC Countries: Do Oil Prices Matter?
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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.
Series:
Working Paper No. 2019/304
Subject:
Asset and liability management Central bank policy rate Financial sector policy and analysis Financial services Liquidity Oil prices Prices Real interest rates Spillovers
English
Publication Date:
December 27, 2019
ISBN/ISSN:
9781513519357/1018-5941
Stock No:
WPIEA2019304
Pages:
15
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