This paper extends the long-run growth model of Esfahani et al. (2009) to a labor exporting country that receives large inflows of external income?the sum of remittances, FDI and general government transfers?from major oil-exporting economies. The theoretical model predicts real oil prices to be...

This paper investigates the global macroeconomic consequences of falling oil prices due to the oil revolution in the United States, using a Global VAR model estimated for 38 countries/regions over the period 1979Q2 to 2011Q2. Set-identification of the U.S. oil supply shock is achieved through...

This paper extends the long-run growth model of Esfahani et al. (2009) to a labor exporting country that receives large inflows of external income — the sum of remittances, FDI and general government transfers — from major oil-exporting economies. The theoretical model predicts real oil...

This paper extends the long-run growth model of Esfahani et al. (2009) to a labor exporting country that receives large inflows of external income — the sum of remittances, FDI and general government transfers — from major oil-exporting economies. The theoretical model predicts real oil...