On the Sources of Oil Price Fluctuations

Analyzing macroeconomic impacts of oil price changes requires first to investigate different sources of these changes and their distinct effects. Kilian (2009) analyzes the effects of an oil supply shock, an aggregate demand shock, and a precautionary oil demand shock. The paper's aim is to model macroeconomic consequences of these shocks within a new Keynesian DSGE framework. It models a small open economy and the rest of the world together to discover both accompanying effects of oil price changes and their international transmission mechanisms. Our results indicate that different sources of

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Year of publication:	2009
Authors:	Unalmis, Deren
Other Persons:	Unalmis, Ibrahim (contributor) ; Unsal, D. Filiz (contributor)
Publisher:	Washington : International Monetary Fund
Subject:	Ölpreis \| Oil price \| Schock \| Shock \| Dynamisches Gleichgewicht \| Dynamic equilibrium \| Ölmarkt \| Oil market \| Wirkungsanalyse \| Impact assessment \| Theorie \| Theory \| Neoklassische Synthese \| Neoclassical synthesis

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Extent:	Online-Ressource (43 p)
Series:	IMF Working Papers ; v.Working Paper No. 09/285 IMF working paper ; WP/09/285
Type of publication:	Book / Working Paper
Language:	English
Notes:	Description based upon print version of record Cover Page; Title Page; Copyright Page; Contents; I. Introduction; II. The Small Open Economy Model; 1. Model in Log-Linearized Form: Behavioral Equations for SOE; A. Households; B. Firms; C. Monetary and Fiscal Policy; D. Equilibrium; III. Rest of the World and the Oil Market; A. Equilibrium in the Rest of the World; 2. Model in Log-Linearized Form: Behavioral Equations for the ROW and the Oil Market; 3. Model in Log-Linearized Form: Parameters; 4. Model in Log-Linearized Form: Exogenous Processes; B. Oil Market Equilibrium; IV. Impulse Response Analysis 5. Parameters Values Used in CalibrationA. Aggregate Demand Shocks; B. Oil Supply Shock; C. Precautionary Demand Shock; V. Conclusions; Appendix: Equilibrium Conditions; A. Households and Goods Market Equilibrium in SOE; B. Marginal Cost and Inflation Dynamics; C. Rest of the World and Oil Market Equilibrium; 1. Impulse Responses to 1 Percent Labor Productivity Shock; 2. Impulse Responses to 1 Percent Government Spending Shock; 3. Impulse Responses to 10 Percent Negative Oil Supply Shock; 4. Impulse Responses to 10 Percent Expected Negative Oil Supply Shock; References; Footnotes
ISBN:	978-1-4518-7430-3 ; 978-1-4527-4097-3 ; 978-1-4518-7430-3
Source:	ECONIS - Online Catalogue of the ZBW

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