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Oil price shocks and macroeconomic adjustments in oil-exporting countries

Koh, Wee Chian


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]

CollectionsANU Research Publications
Date published: 2017
Type: Journal article
Source: International Economics and Economic Policy
DOI: 10.1007/s10368-015-0333-z


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