Cashin, P.; Mohaddes, K.; Raissi, M.; Raissi, M. - Faculty of Economics, University of Cambridge - 2012
We employ a set of sign restrictions on the generalized impulse responses of a Global VAR model, estimated for 38 countries/regions over the period 1979Q2.2011Q2, to discriminate between supply-driven and demand-driven oil-price shocks and to study the time profile of their macroeconomic effects...