{
  "title": "U.S. Monetary Policy Spillovers to GCC Countries: Do Oil Prices Matter?",
  "publication": "IMF Working Papers, December 27, 2019",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2019/12/27/u-s-48770",
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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.",
  "sections": [
    {
      "heading": "Key findings",
      "content": "- 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.\n- 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.\n- The paper discusses potential channels through which oil prices could affect the effectiveness of monetary policy."
    },
    {
      "heading": "Authors and date",
      "content": "- By Olumuyiwa S Adedeji, Erik Roos, Sohaib Shahid, Ling Zhu\n- December 27, 2019"
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subject: Asset and liability management; Central bank policy rate; Financial sector policy and analysis; Financial services; Liquidity; Oil prices; Prices; Real interest rates; Spillovers\n- 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\n\n---\n\n Content in this bundle\n\n- Working Paper\n  - Working Paper (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Working Paper (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2019/12/27/u-s-48770"
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    "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",
    "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.",
    "By Olumuyiwa S Adedeji, Erik Roos, Sohaib Shahid, Ling Zhu",
    "December 27, 2019",
    "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",
    "**Working Paper**"
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