Dynamics of the relative price level of oil-exporting countries
Abstract:
I reconstruct for a number of countries monthly values of purchasing power parity on the basis of its annual values and consumer price index values. I demonstrate the possibility to approximate with good accuracy the relative price level for oil exporting countries with a power-law function of oil prices. I determine the indices of this dependence for Russia, Canada, Norway and Kazakhstan. I analyze the influence of the oil conjuncture on the stability of the US dollar as a universal unit of measurement.
