Oil Prices and Macro-economy in Russia: The Co-integrated VAR Model Approach
نویسنده
چکیده
In this paper, using the co-integrated VAR model we attempt to empirically investigate the effects of oil price and monetary shocks on the Russian economy covering the period 1995:Q3-2007:Q4. Our finding is that real GDP and inflation in Russia exhibit a positive response to an oil price increase, but not in the case of interest rates. Also we see that the impact of the oil price shock on the economy is greater than that of the monetary shock.
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