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dc.contributor.authorGillman, Maxen
dc.contributor.authorNakov, Antonen
dc.date.accessioned2010-02-24-
dc.date.accessioned2012-11-02T14:28:10Z-
dc.date.available2012-11-02T14:28:10Z-
dc.date.issued2008-
dc.identifier.urihttp://hdl.handle.net/10419/65783-
dc.description.abstractThe paper presents a theory of nominal asset prices for competitively owned oil. Focusing on monetary effects, with flexible oil prices the US dollar oil price should follow the aggregate US price level. But with rigid nominal oil prices, the nominal oil price jumps proportionally to nominal interest rate increases. We find evidence for structural breaks in the nominal oil price that are used to illustrate the theory of oil price jumps. The evidence also indicates strong Granger causality of the oil price by US inflation as is consistent with the theory.en
dc.language.isoengen
dc.publisher|aCardiff University, Cardiff Business School |cCardiffen
dc.relation.ispartofseries|aCardiff Economics Working Papers |xE2008/15en
dc.subject.jelE31en
dc.subject.jelE4en
dc.subject.ddc330en
dc.subject.keywordoil pricesen
dc.subject.keywordinflationen
dc.subject.keywordcash-in-advanceen
dc.subject.keywordmultiple structural breaksen
dc.subject.keywordGranger causalityen
dc.subject.stwVermögensgegenstanden
dc.subject.stwPreisen
dc.subject.stwGolden
dc.subject.stwErdölen
dc.subject.stwZinsen
dc.subject.stwVAR-Modellen
dc.subject.stwKausalanalyseen
dc.titleMonetary effects on oil and gold prices-
dc.typeWorking Paperen
dc.identifier.ppn574278710en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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