Noble International Journal of Economics and Financial Research


Online ISSN: 2519-9730 | Print ISSN: 2523-0565

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    Volume 7 Number 3 September 2022

The Monetary Policy Shocks and the Price of Selected Oil Commodity Groups in Iran

Pages: 51-59
Authors: Arash Ketabforoush Badri
Abstract
Examining the dynamics of oil commodity prices at different time periods is of particular importance, as fluctuations in commodity prices can be a serious problem for policymakers. Monetary policy shocks are among the factors that can affect the price of petroleum products. Therefore, identifying as accurately as possible the factors affecting price changes can be of great help to policymakers. Due to this, the purpose of the present study is to investigate the effect of monetary policy shocks on price dynamics of selected petroleum products group in Iran using SVAR model in the period of 2011-1 to 2020-4. Selected petroleum products include sulfur, slack wax oil and bitumen. The results showed credits payment has the greatest effect on the price of sulfur, slack wax and bitumen. The highest impact of monetary policy shocks with 81.63 percent is related to bitumen and the lowest impact with 48.56 percent is related to slack wax. Therefore, it can be said that monetary policy shocks have the greatest impact on the price of bitumen in the long run.

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