Vasconez, Verónica Acurio; Giraud, Gaël; Isaac, Florent Mc - Centre d'Économie de la Sorbonne, Université Paris 1 … - 2014
The economic implications of oil price shocks have been extensively studied since the 1970s'. Despite this huge literature, no dynamic stochastic general equilibrium model was available that captures two well-known stylized facts: 1) the stagflationary impact of an oil price shock, together with...