INTRODUCTION TO OIL PRICE SHOCKS
نویسندگان
چکیده
منابع مشابه
Monetary Policy Response to Oil Price Shocks
How should monetary authorities react to an oil price shock? The New Keynesian literature has concluded that ensuring complete price stability is the optimal thing to do. In contrast, this paper argues that a meaningful trade-off between stabilizing inflation and the welfare relevant output gap arises in a distorted economy once one recognizes (i) that oil (energy) cannot be easily substituted ...
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متن کاملOil price shocks and trade imbalances
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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ژورنال
عنوان ژورنال: Macroeconomic Dynamics
سال: 2011
ISSN: 1365-1005,1469-8056
DOI: 10.1017/s1365100511000198