Esfahani, Hadi Salehi; Mohaddes, Kamiar; Pesaran, M. Hashem - 2012
conditions and assuming a Cobb-Douglas production function, it is shown that (log) oil exports enter the long-run output equation … with a coefficient equal to the share of capital (α). The long-run theory is tested using quarterly data on nine major oil …-run theory. The existence of long-run relations between real output, foreign output and real oil income is established for six of …