The Leading eBooks Store Online 4,353,660 members ⚫ 1,442,818 ebooks

New to eBooks.com?

Learn more

The Differential Effects of Oil Demand and Supply Shocks on the Global Economy

The Differential Effects of Oil Demand and Supply Shocks on the Global Economy by Paul Cashin
Buy this eBook
US$ 9.00
(If any tax is payable it will be calculated and shown at checkout.)
We employ a set of sign restrictions on the generalized impulse responses of a Global VAR
model, estimated for 38 countries/regions over the period 1979Q2–2011Q2, to discriminate
between supply-driven and demand-driven oil-price shocks and to study the time profile of
their macroeconomic effects for different countries. The results indicate that the economic
consequences of a supply-driven oil-price shock are very different from those of an oil-demand shock driven by global economic activity, and vary for oil-importing countries compared to energy exporters. While oil importers typically face a long-lived fall in economic activity in response to a supply-driven surge in oil prices, the impact is positive for energy-exporting countries that possess large proven oil/gas reserves. However, in response to an oil-demand disturbance, almost all countries in our sample experience long-run inflationary pressures and a short-run increase in real output.
International Monetary Fund; October 2012
41 pages; ISBN 9781475596076
Read online, or download in secure EPUB or secure PDF format
Title: The Differential Effects of Oil Demand and Supply Shocks on the Global Economy
Author: Paul Cashin; Kamiar Mohaddes; Mehdi Raissi; Maziar Raissi