This study investigates changes in the relationship between oil prices and the US economy from a long-term perspective. Although neither of the two series (oil price and GDP growth rates) presents structural breaks in mean, we identify different volatility periods in both of them, separately....

We examine the relationship between oil price fluctuations and economic activity in Azerbaijan using vector autoregressive models for the period 2002Q1-2018Q4. Our key results are as follows. First, quarterly GDP growth decreases after oil price innovations in both, the oil and gas sector and in...

We examine the relationship between oil price fluctuations and economic activity in Azerbaijan using vector autoregressive models for the period 2002Q1-2018Q4. Our key results are as follows. First, quarterly GDP growth decreases after oil price innovations in both, the oil and gas sector and in...

A noted European economist argues that the Russian economy and its post-2000 growth have been heavily dependent on natural resources, especially hydrocarbons, and are bound to remain so for some time to come. Given that many economists have come to view rich natural resource endowments as a...

One of the main reasons for the drop in oil prices that began in 2014 was a rapid increase in U.S. oil production—it reached the level of the other two biggest producers, Russia and Saudi Arabia, that same year. That, in turn, decreased U.S. demand for imported petroleum and hence put downward...

Our goal is to examine the income inequality and welfare effects of the direct distribution of resource rents and subsequent taxation in Iran. We use rich micro survey data covering more than 36,000 Iranian households in 2009. Our micro-simulations show that the direct distribution of resource...

In recent years economists have come to see rich natural resource endowments as a "curse" or "precious bane" that inevitably undermines development and slows economic growth. Resource-based development undeniably involves important risks. Nonetheless, the resource curse - if it exists - is at...

In recent years economists have come to see rich natural resource endowments as a ?curse? or ?precious bane? that inevitably undermines development and slows economic growth. Resource-based development undeniably involves important risks. Nonetheless, the resource curse - if it exists - is at...

The recent plunge in oil prices has brought into question the generally accepted view that lower oil prices are good for the US and the global economy. In this paper, using a quarterly multi-country econometric model, we first show that a fall in oil prices tends relatively quickly to lower...

This paper investigates the link between oil price uncertainty shocks and key macroeconomic indicators of a net oil importing country, South Africa. Monthly data covering the period 1990:01 to 2015:12 is used. The Structural Vector Autoregressive (SVAR) methodology is applied incorporating...