The Dynamic Effects of Aggregate Demand, Supply and Oil Price Shocks--A Comparative Study
This paper analyses the dynamic effects of aggregate demand, supply and oil price shocks on GDP and unemployment in Germany, Norway, the UK and the USA, and establishes the role of the different shocks in explaining output fluctuations over time. Symmetries of economic fluctuations across countries are also examined. The different shocks are identified by imposing dynamic restrictions on a structural vector autoregression model. For all countries except Norway, oil price shocks have significant negative effects on output. However, whereas the oil price shock in 1973-74 triggered off a global recession, the recession in the early 1980s was largely caused by other disturbances. Copyright 2000 by Blackwell Publishers Ltd and The Victoria University of Manchester
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Volume (Year): 68 (2000)
Issue (Month): 5 (September)
|Contact details of provider:|| Postal: Manchester M13 9PL|
Phone: (0)161 275 4868
Fax: (0)161 275 4812
Web page: http://www.blackwellpublishing.com/journal.asp?ref=1463-6786
More information through EDIRC
|Order Information:||Web: http://www.blackwellpublishing.com/subs.asp?ref=1463-6786|