Do Oil Price Shocks Affect Household Consumption?
نویسندگان
چکیده
منابع مشابه
Why Do Oil Price Shocks No Longer Shock?1
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The historical record Figure 1 plots the price of oil relative to the core personal consumption expenditures price index (PCEPI) together with the core PCEPI inflation rate. (Core measures of inflation exclude food and energy prices.) The figure shows that the price of oil jumped sharply twice in the 1970s, as did inflation. But this relationship appears to have deteriorated over the latter par...
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a r t i c l e i n f o JEL classification: F1 F4 Q43 N75 Keywords: Oil price shock Trade balance VAR Granger non-causality test Gregory-Hansen cointegration test This study aims to examine whether a large part of the variability of trade balances and their oil and non-oil components is associated with oil price fluctuations. The long-run causality running from oil price to overall, oil and non-o...
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This paper employs disaggregated manufacturing data to investigate the causes of the time delay between an increase in oil prices and the following slowdown in economic activity. VAR results show that, unlike aggregate GDP, the effect of an oil price shock on new motor vehicles production shows up immediately and is statistically significantly. After one quarter, similar patterns are observed f...
متن کاملOil Price Shocks and Aggregate Fluctuations
This paper analyzes the effects of oil price shocks on the characteristics of the business cycle and on welfare in a small open economy, such as in the case of the Spanish economy. The results show the ability of the model to reproduce the business cycle path of the Spanish economy, especially in those periods when shocks in the price of oil were most dramatic. Furthermore, the model reproduces...
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ژورنال
عنوان ژورنال: Research in Applied Economics
سال: 2019
ISSN: 1948-5433
DOI: 10.5296/rae.v11i1.13826