© 2016

Monetary Policy and the Oil Market

  • Naoyuki Yoshino
  • Farhad Taghizadeh-Hesary

Part of the ADB Institute Series on Development Economics book series (ADBISDE)

Table of contents

  1. Front Matter
    Pages i-xviii
  2. Naoyuki Yoshino, Farhad Taghizadeh-Hesary
    Pages 1-5
  3. Farhad Taghizadeh-Hesary, Naoyuki Yoshino
    Pages 7-27
  4. Farhad Taghizadeh-Hesary, Naoyuki Yoshino
    Pages 29-53
  5. Naoyuki Yoshino, Farhad Taghizadeh-Hesary
    Pages 55-73
  6. Farhad Taghizadeh-Hesary, Naoyuki Yoshino, Abbas Assari-Arani
    Pages 75-91
  7. Naoyuki Yoshino, Farhad Taghizadeh-Hesary
    Pages 93-106
  8. Farhad Taghizadeh-Hesary, Naoyuki Yoshino, Ghahraman Abdoli, Asadollah Farzinvash
    Pages 107-129
  9. Naoyuki Yoshino, Farhad Taghizadeh-Hesary
    Pages 131-135
  10. Back Matter
    Pages 137-143

About this book


While oil price fluctuations in the past can be explained by pure supply factors, this book argues that it is monetary policy that plays a significant role in setting global oil prices. It is a key factor often neglected in much of the earlier literature on the determinants of asset prices, including oil prices. However, this book presents a framework for modeling oil prices while incorporating monetary policy. It also provides a complete theoretical basis of the determinants of crude oil prices and the transmission channels of oil shocks to the economy. Moreover, using several up-to-date surveys and examples from the real world, this book gives insight into the empirical side of energy economics. The empirical studies offer explanations for the impact of monetary policy on crude oil prices in different periods including during the subprime mortgage crisis of 2008–2009, the impact of oil price variations on developed and emerging economies, the effectiveness of monetary policy in the Japanese economy incorporating energy prices, and the macroeconomic impacts of oil price movements in trade-linked cases. This must-know information on energy economics is presented in a reader-friendly format without being overloaded with excessive and complicated calculations.


Energy Economics Energy Modelling Monetary Policy Oil Pricing Oil Shocks

Editors and affiliations

  • Naoyuki Yoshino
    • 1
  • Farhad Taghizadeh-Hesary
    • 2
  1. 1.EconomicsKeio UniversityTokyoJapan
  2. 2.Keio UniversityMinato-kuJapan

Bibliographic information

Industry Sectors
Finance, Business & Banking