Oil and Macroeconomic (In)Stability
نویسندگان
چکیده
منابع مشابه
Macroeconomic instability versus oil curse: an empirical assessment in oil exporting countries
This paper tests empirically the Dutch disease macroeconomic dynamics in a set of oil exporting countries. Accordingly, this study was put forth to provide an assessment of the Dutch disease symptoms, by focusing on the link between macroeconomic instability indicators and economic growth. To this end, we assess the risk to real exchange rate, government spending and price stability from the oi...
متن کاملeal exchange rate targeting and macroeconomic instability * ́
Using an optimizing model of a small open economy, this paper studies the macroeconomic effects of PPP rules whereby the government increases the devaluation rate when the real exchange rate—defined as the price of tradables in terms of nontradables—is below its long-run level and reduces the devaluation rate when the real exchange rate is above its long-run level. The paper shows that the mere...
متن کاملFinancial Intermediation, Leverage, and Macroeconomic Instability
This paper investigates how financial-sector leverage affects macroeconomic instability and welfare. In the model, banks borrow (use leverage) to allocate resources to productive projects and provide liquidity. When banks do not actively issue new equity, aggregate outcomes depend on the level of equity in the financial sector. Equilibrium is inefficient because agents do not internalize how th...
متن کاملOil Price Shocks, Inventories and Macroeconomic Dynamics
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 کاملUnspanned Macroeconomic Risks in Oil Futures
This paper constructs a macro-finance model for commodity futures. I document a feedback relationship between crude oil prices and real economic activity. The channel from real activity to oil prices is unspanned – meaning not identified in current futures prices – consistent with oil futures as a hedge asset against supply shocks. Unspanned macroeconomic risks have first order effects on risk ...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2016
ISSN: 1556-5068
DOI: 10.2139/ssrn.2842560