Monetary Policy and Crude Oil

Basil Oberholzer, Economist, Swiss Federal Office for the Environment, Switzerland

• Contents: PART I FACTS AND THEORY OF MONETARY POLICY AND CRUDE OIL 1. The Crude Oil Market and its Driving Forces 2. Monetary Policy and Crude Oil: A Theoretical Analysis PART II MONETARY POLICY AND CRUDE OIL IN THE REAL WORLD 3. US Monetary Policy and the Global Crude Oil Market 4. Empirical Evidence: Monetary Policy Impacts on Oil Market Variables PART III ACHIEVING STABILITY AND SUSTAINABILITY: ECONOMIC POLICY MAKING 5. Economic Policy Propositions: An Overview 6. An Economically Stable Way Out of Fossil Energies Index

'This book unveils how and why monetary policy decisions, notably by the US Federal Reserve, affect the crude oil market at the global level, impacting on oil prices as well as on oil production, thereby affecting financial stability and environmental conditions negatively. Basil Oberholzer puts forward an innovative policy mix that addresses both these issues through an oil-price targeting system combined with various market-based fiscal policy tools. This volume must be read by all policy makers around the world.'