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to be greater and output volatility higher. Furthermore, I find that an unexpected increase in oil price leads to … shocks and reduce volatility in non-oil output …
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Oil price shocks affect macroeconomic performance in both oil-importing and oil-exporting countries. The recent research on the oil-macroeconomy relationship in the oil-importing countries shows that oil price shocks have asymmetric effects on their economic growth; the adverse effects of higher...
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