Oil price volatility and the macroeconomy
Article Abstract:
The impact of oil price shocks on the macroeconomy are studied. Results show that oil price shocks affect the economy by increasing oil price levels and price volatility. Oil price shocks also affected the economy through sectoral shocks and uncertainty channels while the tightening of monetary polices following oil price increases explains the relationship between oil price changes and output growth.
Publication Name: Journal of Macroeconomics
Subject: Economics
ISSN: 0164-0704
Year: 1996
User Contributions:
Comment about this article or add new information about this topic:
Predicting the pattern of economics research: the case of the real business cycle theory
Article Abstract:
The real business cycle theory emerged with the rational expectations theory and the endogenous growth theory as a major macroeconomic research field after 1970. The development of such a theory is examined and described in steady-state analysis. Time path simulations of scientific research indicates a minirevolution pattern for the real business cycle theory.
Publication Name: Journal of Macroeconomics
Subject: Economics
ISSN: 0164-0704
Year: 1996
User Contributions:
Comment about this article or add new information about this topic: