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

IMF Working Papers, December 27, 2019

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

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Bibliographic details

• Authors: Olumuyiwa S Adedeji, Erik Roos, Sohaib Shahid, Ling Zhu
• Published: December 27, 2019
• Series: IMF Working Papers
• DOI: https://doi.org/10.5089/9781513519357.001

Key findings

• 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 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.
• The paper discusses potential channels through which oil prices could affect the effectiveness of monetary policy.

Authors and date

• By Olumuyiwa S Adedeji, Erik Roos, Sohaib Shahid, Ling Zhu
• December 27, 2019

Subjects and keywords

• Subject: Asset and liability management; Central bank policy rate; Financial sector policy and analysis; Financial services; Liquidity; Oil prices; Prices; Real interest rates; Spillovers
• Keywords: Central bank policy rate; federal funds rate; GCC country; GCC.; Global; Growth; Gulf Corporation Council; interaction term; Liquidity; liquidity fluctuation; monetary policy spillover; oil price; Oil prices; price; Real interest rates; Spillovers; U.S. Monetary Policy; WP

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