Oil Price Shocks and Policy Uncertainty - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Oil Price Shocks and Policy Uncertainty write by Wensheng Kang. This book was released on 2017. Oil Price Shocks and Policy Uncertainty available in PDF, EPUB and Kindle. Important interaction has been established for US economic policy uncertainty with a number of economic and financial variables including oil prices. This paper examines the dynamic effects of US and non-US oil production shocks on economic policy uncertainty using a structural VAR model. Such an examination is motivated by the substantial increases in US oil production in recent years with implications for US political and economic security. Positive innovations in US oil production are associated with decreases in US economic policy uncertainty. The economic forecast interquartile ranges about the US CPI and about federal/state/local government expenditures are particularly sensitive to innovations in US oil supply shocks. Shocks to US oil supply disruption causes rises in the CPI forecast uncertainty and accounts for 21% of the overall variation of the CPI forecaster disagreement. Dis-aggregation of oil production shocks into US and non-US oil production yield novel results. Oil supply shocks identified by US and non-US origins explain as much of the variatio in economic policy uncertainty as structural shocks on the demand side of the oil market.
Oil Price Uncertainty
Oil Price Uncertainty - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Oil Price Uncertainty write by Apostolos Serletis. This book was released on 2012. Oil Price Uncertainty available in PDF, EPUB and Kindle. The relationship between the price of oil and the level of economic activity is a fundamental issue in macroeconomics. There is an ongoing debate in the literature about whether positive oil price shocks cause recessions in the United States (and other oil-importing countries), and although there exists a vast empirical literature that investigates the effects of oil price shocks, there are relatively few studies that investigate the direct effects of uncertainty about oil prices on the real economy. The book uses recent advances in macroeconomics and financial economics to investigate the effects of oil price shocks and uncertainty about the price of oil on the level of economic activity.
International Dimensions of Monetary Policy
International Dimensions of Monetary Policy - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook International Dimensions of Monetary Policy write by Jordi Galí. This book was released on 2010-03-15. International Dimensions of Monetary Policy available in PDF, EPUB and Kindle. United States monetary policy has traditionally been modeled under the assumption that the domestic economy is immune to international factors and exogenous shocks. Such an assumption is increasingly unrealistic in the age of integrated capital markets, tightened links between national economies, and reduced trading costs. International Dimensions of Monetary Policy brings together fresh research to address the repercussions of the continuing evolution toward globalization for the conduct of monetary policy. In this comprehensive book, the authors examine the real and potential effects of increased openness and exposure to international economic dynamics from a variety of perspectives. Their findings reveal that central banks continue to influence decisively domestic economic outcomes—even inflation—suggesting that international factors may have a limited role in national performance. International Dimensions of Monetary Policy will lead the way in analyzing monetary policy measures in complex economies.
Irreversibility, Uncertainty, and Investment
Irreversibility, Uncertainty, and Investment - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Irreversibility, Uncertainty, and Investment write by Robert S. Pindyck. This book was released on 1989. Irreversibility, Uncertainty, and Investment available in PDF, EPUB and Kindle. Irreversible investment is especially sensitive to such risk factors as volatile exchange rates and uncertainty about tariff structures and future cash flows. If the goal of macroeconomic policy is to stimulate investment, stability and credibility may be more important than tax incentives or interest rates.
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 - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook The Differential Effects of Oil Demand and Supply Shocks on the Global Economy write by Mr.Paul Cashin. This book was released on 2012-10-23. The Differential Effects of Oil Demand and Supply Shocks on the Global Economy available in PDF, EPUB and Kindle. 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.
