Resource prices, supply shocks and output fluctuations
Following King and Plosser's (1984) suggestion, we use the growth of four real natural resource prices to proxy post-war supply shocks and assess their importance in a VAR which controls for aggregate demand influences on real output. We find that these supply shock proxies are able to account for a sizable portion of US post-war output fluctuations.
Year of publication: |
1995
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Authors: | Boyd, Roy ; Caporale, Tony |
Published in: |
Applied Economics Letters. - Taylor & Francis Journals, ISSN 1350-4851. - Vol. 2.1995, 6, p. 180-183
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Publisher: |
Taylor & Francis Journals |
Saved in:
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