ECB paper analyses impact of oil shocks on exchange rates
A working paper, published by the European Central Bank on June 1, examines the impact of oil price shocks on the exchange rates between net exporters and importers of oil.
Authors Sascha Buetzer, Maurizio Michael Habib and Livio Stracca use a structural vector autoregression to differentiate between global demand, oil-specific demand and oil supply shocks. The empirical analysis suggests exchange rates of oil exporters do not systematically appreciate against those of oil importers following
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