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Oil price and macroeconomy in Russia

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  • Katsuya Ito

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    (Fukuoka University)

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    Abstract

    In this note, using the VEC model we attempt to empirically investigate the effects of oil price and monetary shocks on the Russian economy covering the period between 1997:Q1 and 2007:Q4. The analysis leads to the finding that a 1% increase in oil prices contributes to real GDP growth by 0.25% over the next 12 quarters, whereas that to inflation by 0.36% over the corresponding periods. We also find that the monetary shock through interest rate channel immediately affects real GDP and inflation as predicted by theory.

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    File URL: http://www.accessecon.com/pubs/EB/2008/Volume17/EB-08Q40019A.pdf
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    Bibliographic Info

    Article provided by AccessEcon in its journal Economics Bulletin.

    Volume (Year): 17 (2008)
    Issue (Month): 17 ()
    Pages: 1-9

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    Handle: RePEc:ebl:ecbull:eb-08q40019

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    Cited by:
    1. Martin Feldkircher, 2013. "A Global Macro Model for Emerging Europe," Working Papers, Oesterreichische Nationalbank (Austrian Central Bank) 185, Oesterreichische Nationalbank (Austrian Central Bank).

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