Download or read book U.S. Monetary Policy Spillovers to GCC Countries: Do Oil Prices Matter? written by Mr.Olumuyiwa S Adedeji and published by International Monetary Fund. This book was released on 2019-12-27 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides empirical evidence that the size of the spillovers from U.S. monetary policy to non-oil GDP growth in the GCC countries depends on the level of oil prices. The potential channels through which oil prices could affect the effectiveness of monetary policy are discussed. We find that the level of oil prices tends to dampen or amplify the growth impact of changes in U.S. monetary policy on the non-oil economies in the GCC.