Oil price shocks and macroeconomic adjustments in oil-exporting countries
This paper examines the macroeconomic effects of an adverse oil price shock under different exchange rate and fiscal policy arrangements in 40 oilexporting countries from 1973 to 2010 using panel vector autoregression techniques. The results show that output and government consumption fall in response to an oil price decline. However, the output response is significantly smaller and smoother in countries with flexible exchange rate regimes due to a larger and immediate real exchange rate...[Show more]
|Collections||ANU Research Publications|
|Source:||International Economics and Economic Policy|
|01_Koh_Oil_price_shocks_and_2017.pdf||861.13 kB||Adobe PDF||Request a copy|
Items in Open Research are protected by copyright, with all rights reserved, unless otherwise indicated.