World Oil Prices and Indonesia Macroeconomic

Nonlinearities and the Macroeconomic Effects of Oil Prices*

This paper reviews some of the literature on the macroeconomic effects of oil price shocks with a particular focus on possible nonlinearities in the relation and recent new results obtained by Kilian and Vigfusson (2009). ∗I thank Rob Vigfusson for graciously sharing his data and helping me follow his code. An earlier version of this paper was circulated under the title, “Yes, the Response of t...

Global oil prices, macroeconomic fundamentals and China's commodity sector comovements

This paper investigates the common movements of commodity sectors in China as well as the economic underpinnings of the comovements. We employ a Bayesian dynamic latent factor model to disentangle the common and idiosyncratic sector-specific factors of the prices of a group of China's commodity sectors: petrochemicals, grains, energy, non-ferrous metals, oils & fats, and softs. The results indi...

Oil Prices and the World Economy

Oil prices, associated with bouts of inflation and economic instability over the last 30 years, have been rising in recent months. We argue that the inflationary consequences of a rise in oil prices depend upon the policy response of the monetary authorities. They can ameliorate the short term impacts on output, but only at the cost of higher inflation. In the short term the size and distributi...

the effects of oil prices on macroeconomic variables of iran

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US Stock Prices and Macroeconomic Fundamentals