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Global oil prices and the macroeconomy : the role of tradeable manufacturing versus nontradeable services

Khalil, Makram - 2020

This paper studies the ability of manufacturing-specific shocks to explain global oil prices. In an estimated three-region DSGE model (UnitedStates, OPEC, rest-of-world) in corporating two sectors (manufacturing and services) in the oil-importing economies and featuring cross-border...