The role of higher oil prices: A case of major developed countries
The primary aim of this chapter is to examine whether the recent increase in world oil prices has affected inflation expectations and stock market returns in major OECD countries. The key findings are as follows. First, we found no evidence to support the presence of a long term relationship between oil prices and inflation expectations - measured by the difference between yields of inflation indexed and non-inflation indexed government bonds - over the sample between early 2003 and late 2006....[Show more]
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