منابع مشابه
Oil Price Shocks and Inflation
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...
متن کاملDoes aid mitigate external shocks ?
This paper investigates the role of aid in mitigating the adverse effects of commodity export price shocks on growth in commodity-dependent countries. Using a large crosscountry dataset, we find that negative shocks matter for short-term growth, while the ex ante risk of shocks does not seem to matter. We also find that both the level of aid and the flexibility of the exchange rate substantiall...
متن کاملMarket Crashes without External Shocks
Market crash is usually considered an indication that the fundamentals of the economy have changed and recession is around the corner. This, however, need not be the case. For instance, in October 1987 Wall Street lost over 20% of its value in one day, but this was not followed by a recession. Moreover, in the days preceding the crash, there were no significant external events or “bad news” tha...
متن کاملDoes Aid Mitigate External Shocks?
This paper investigates the role of aid in mitigating the adverse effects of commodity export price shocks on growth in commodity-dependent countries. Using a large cross-country dataset, we find that negative shocks matter for short-term growth, while the ex ante risk of shocks does not seem to matter. We also find that both the level of aid and the flexibility of the exchange rate substantial...
متن کاملThe Macroeconomics of Oil Shocks
During the first quarter of 2002, the price of crude oil averaged $19.67 per barrel. Four years later, in the first quarter of 2006, the average price of oil had risen to $63 per barrel. Indeed, the high price of oil may not be a short-lived phenomenon: Futures markets indicate that investors expect the price of oil to remain above $70 per barrel through 2008. For the postwar U.S. economy, the ...
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ژورنال
عنوان ژورنال: Journal of International Economics
سال: 2009
ISSN: 0022-1996
DOI: 10.1016/j.jinteco.2009.01.001