Comparative Study On The Impact Of International Oil Price Fluctuations On The Price Level Of China And The U.S.

As the largest two oil consumers of the world,China and the U.S.are highly dependent on the international oil market.In nearly a decade,the international oil prices have climbed quickly and fluctuated frequently,and have great impacts on the price level of China and the U.S.With VAR model,this dissertation tests and comparatively analyzes the impacts of international crude oil prices on the price level and find themselves characteristics.The results of Johansen test shows:international oil price fluctuations impacting Chinese price level are greater than the United States',and international oil price fluctuations impacting the structure of price level in two countries are different.The results of impulse response shows:the speed and degree of the United States' price level responding to the international oil price fluctuations are higher than Chinese.The results of variance decomposition shows:the main factors impacting the price level are also different.Based on the theoretical analysis and the results of empirical test,the basic conclusion of this dissertation is:due to oil price shocks,the impact on Chinese price level is greater than the United States' price level,in addition,the impact on Chinese price level obviously lag behind the United States'.On this basis,this dissertation puts forward a few countermeasures to cope with the oil price shocks on the impact of Chinese price lever,such as establishing national strategic oil reserve system,actively participating in pricing the international oil and international crude oil futures trading,realizing the energy diversification,flexibly using of monetary policy,and promoting energy conservation and environmental protection consciousness.