Mendoza, Omar; Vera, David - In: Latin American Journal of Economics-formerly Cuadernos … 47 (2010) 135, pp. 3-13
We estimate the effects of unexpected changes in oil prices on output for the case of Venezuela, an oil-exporting economy. Following Hamilton (2003), Lee et al. (1995), and Mork (1989), we estimate measures of oil shocks and determine the effect of these