VAR is estimated for 26 countries, the euro area being treated as a single economy. This paper proposes two important … identification scheme to derive structural impulse responses. We focus on identification of shocks to the US economy, particularly …

this within a compact quarterly model of the global economy to illustrate how our multi-country approach to modelling oil … the global economy (real outputs and financial markets) mainly due to an increase in Saudi Arabian oil production. In … supply shock has significant adverse effects for the global economy with real GDP falling in both advanced and emerging …

for the US and the global economy. In this paper, using a quarterly multi-country econometric model, we first show that a … after the shock). We then re-examine the effects of low oil prices on the US economy over different sub-periods using …