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

_IMF Working Papers, December 27, 2019_

## Source details

**Canonical URL:** [U.S. Monetary Policy Spillovers to GCC Countries: Do Oil Prices Matter?](https://www.imf.org/en/publications/wp/issues/2019/12/27/u-s-48770)

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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

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### 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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_Source: https://www.imf.org/en/publications/wp/issues/2019/12/27/u-s-48770_