The U.S. Dollar Exchange Rate and the Demand for Oil
利用面板数据估计技术，发现美元升值显著降低65个石油进口国的石油需求，且影响大于全球原油价格变动，原因是汇率变动更充分地传导至国内成品油价格。
Using recent advances in panel data estimation techniques, we find that an appreciation of the U.S. dollar exchange rate leads to a significant decline in oil demand for a sample of 65 oil-importing countries. The estimated effect turns out to be considerably larger than the impact of a shift in the global crude oil price expressed in U.S. dollar. This finding appears to be the consequence of a stronger pass-through of changes in the U.S. dollar exchange rate to domestic end-user oil products prices relative to changes in the global crude oil price. Furthermore, we demonstrate the relevance of U.S. dollar fluctuations for global oil price dynamics.