Ratti, Ronald A; Vespignani, Joaquin L. - School of Economics and Finance, Tasmanian School of … - 2012
Unanticipated increases in the BRIC countries’ liquidity lead to significant and persistent increases in real oil prices, global oil production and global real aggregate demand. Unanticipated shocks to the liquidity of developed countries over 1997:01-2011:12 do not. The relative contribution...