Oil shocks can be identified in real time, paper says
Bank of Italy researchers’ model identifies demand and supply shocks from daily data
A working paper published by the Bank of Italy presents a new method for identifying oil price shocks rapidly enough to be useable by policy-makers.
In Oil price shocks in real time, Andrea Gazzani, Fabrizio Venditti and Giovanni Veronese note that understanding this information is important for monetary policy-makers. “Workhorse monthly models of the oil market are, however, of limited use for monetary policy in real time, as they rely on data that are released with considerable delay,” they say
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