Consumer Price Index Research Paper
Consumer price index: as a proxy of Inflation. The consumer price index (CPI) reflects the annual percentage change in the cost to the average consumer of acquiring a basket of goods and services annually .
Crude oil is a "mixture of hydrocarbons that exists as a liquid in natural underground reservoirs" .
Crude oil prices measure the spot price of various barrels of oil, most commonly either the West Texas Intermediate or the Brent Blend. The OPEC basket price and the NYMEX Futures price are also sometimes quoted. West Texas Intermediate (WTI) crude oil is of very high the quality, because it is light-weight and has low sulphur content. Therefore, it is often referred to as “light, sweet” crude oil. These properties make it excellent for
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(2010) this study attempts to fill gaps by answering how and to what extent oil-price shocks impact China's economy, emphasizing price transmission mechanisms. Results show that an oil-price increase, negatively impact on output and investment, but positively impact on inflation rate and interest rate. However, with price control policies in China, the impact on the real economy, represented by real output and real investment, lasts much longer than that to price/monetary variables. And that the short-term impact, namely output decrease induced by the cut in capacity–utilization rate, is greater in half a year, but the portion of the long-term impact, defined as the impact realized through an investment change, increases steadily and exceeds that of short-term impact. Afterwards, the long-term impact dominates, and remains for quite some …show more content…
Macroeconomic variables used in this study are Gross national product, inflation, unemployment and the ratio of exports to imports. The (VAR) model is used in estimating the macro-economic impact of oil prices. This is study showed that a rise in oil prices does not have any substantial impact on macro-economic variables. An inverse relationship of oil prices with the ratio of exports to imports and unemployment. Stating that the responses of macro-economic variables to oil price shocks become stable only after one
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