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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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In this article we discuss the concepts of macroeconomic uncertainty, oil price uncertainty and oil price shocks. Given the relevance of oil and macroeconomic uncertainty in both academic research and the political sphere, we illustrate how economic uncertainty can be operationally defined and...
Persistent link: https://www.econbiz.de/10013018964
oil price shock has a range of -0.04 to -0.004 with a mean of -0.02 about three years after the initial shock. The impacts … to an oil price shock has a range of -0.06 to -0.02 with a mean of -0.04, and the global oil supply elasticity under the … global oil demand shock has a range of 0.10 to 0.2 with a mean of 0.11. These findings show that supply, demand and non …
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short-run contractionary effect a positive investment shock on consumption. Such counterfactual co-movements are typical of … on impact of a positive investment shock …
Persistent link: https://www.econbiz.de/10012966936
This paper considers business cycle models with agents who dislike both risk and ambiguity (Knightian uncertainty). Ambiguity aversion is described by recursive multiple priors preferences that capture agents' lack of confidence in probability assessments. While modeling changes in risk...
Persistent link: https://www.econbiz.de/10013109445
To study implications of an interest-bearing CBDC on the economy, we integrate a New Monetarist-type decentralised market that explicitly accounts for the means-of-exchange function of bank deposits and CBDC into a New Keynesian model with financial frictions. The central bank influences the...
Persistent link: https://www.econbiz.de/10014354929