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dc.contributor.authorCashin, P.
dc.contributor.authorMohaddes, K.
dc.contributor.authorRaissi, M.
dc.contributor.authorRaissi, M.
dc.date.accessioned2016-08-11T15:24:48Z
dc.date.available2016-08-11T15:24:48Z
dc.date.issued2012-11-01
dc.identifier.otherCWPE1249
dc.identifier.urihttps://www.repository.cam.ac.uk/handle/1810/257086
dc.description.abstractWe 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.en
dc.description.abstractoil-demand and oil-supply shocks.en
dc.publisherFaculty of Economics
dc.relation.ispartofseriesCambridge Working Papers in Economics
dc.rightsAll Rights Reserveden
dc.rights.urihttps://www.rioxx.net/licenses/all-rights-reserved/en
dc.subjectGlobal VAR (GVAR)
dc.subjectinterconnectedness
dc.subjectglobal macroeconomic modeling
dc.subjectimpulse responses
dc.subjectinternational business cycle
dc.titleThe Differential Effects of Oil Demand and Supply Shocks on the Global Economy
dc.typeWorking Paper
dc.identifier.doi10.17863/CAM.1014


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