In this note, using the VEC model we attempt to empirically investigate the effects of oil price and monetary shocks on the Russian economy covering the period between 1997:Q1 and 2007:Q4. The analysis leads to the finding that a 1% increase in oil prices contributes to real GDP growth by 0.25%...

In a cointegrated VAR model we examined the relationship between oil price and macroeconomy in Iran, which is the third largest oil exporter in the world. The sample is quarterly data, ranging from 1994:1 to 2007:4. We find that an increase in real oil prices by 1% is associated with a 0.30%...

Since the beginning of the 1980s a large number of studies using a vector autoregressive (VAR) model have been made on the macroeconomic effects of oil price changes. However, surprisingly few studies have so far focused on Russia, the world’s second largest oil exporter. The purpose of this...

In this note, using the VEC model we attempt to empirically investigate the effects of oil price and monetary shocks on the Russian economy covering the period between 1997:Q1 and 2007:Q4. The analysis leads to the finding that a 1% increase in oil prices contributes to real GDP growth by 0.25%...