The global crude oil market is critically important in many respects. It is the fuel that drives the global economy and, as such, is the focus of climate policies. Moreover, crude oil is the basis of a tradable financial asset. It is therefore connected to several outstanding macroeconomic developments of recent years, including financial market fluctuations, the financial crisis and the exceptional conduct of monetary policy. This book investigates the impacts of monetary policy and the financial system on the global crude oil market. Furthermore, it outlines how monetary policy may also be used to guarantee stability and to contribute to ecological sustainability.
This unique and innovative book will appeal to students and economists interested in macroeconomics, the environment, energy and monetary policy. It will also be essential reading for policy makers and those interested in economic policy that will benefit both society and the environment.
About the Author
Basil Oberholzer, Global Infrastructure Basel Foundation, Switzerland
Table of Contents
Contents: PART I FACTS AND THEORY OF MONETARY POLICY AND CRUDE OIL 1. The Crude Oil Market and its Driving Forces 2. Monetary Policy and Crude Oil: A Theoretical Analysis PART II MONETARY POLICY AND CRUDE OIL IN THE REAL WORLD 3. US Monetary Policy and the Global Crude Oil Market 4. Empirical Evidence: Monetary Policy Impacts on Oil Market Variables PART III ACHIEVING STABILITY AND SUSTAINABILITY: ECONOMIC POLICY MAKING 5. Economic Policy Propositions: An Overview 6. An Economically Stable Way Out of Fossil Energies Index