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a new Keynesian dynamic stochastic general equilibrium (DSGE) model to study how an oil price shock impact macroeconomic … aggregates in an oil-rich emerging economy. We consider a positive oil price shock to uncover the extent to which oil price … oil price shock, reveal evidence of Dutch disease and the operation of the Harrod-Balassa-Samuelson effect. We find a …
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We identify structural vector autoregressions using narrative sign restrictions. Narrative sign restrictions constrain the structural shocks and the historical decomposition around key historical events, ensuring that they agree with the established narrative account of these episodes. Using...
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interest rates to increase; whereas during a demand shock, falling interest rates caused oil prices to rise. Record low …This paper examines the relationship between monetary policy and oil prices within a world oil demand and supply model …. Low price and high income elasticities of demand and rigid supply explain high price volatilities and producers' market …
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Intro -- Content -- I. INTRODUCTION -- II. OIL PRICE VOLATILITY -- III. THE DEMAND AND SUPPLY OF CRUDE OIL -- IV. ROLE …
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