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The Impact of Oil Price Shocks on the Iranian Economy: New evidence

Author

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  • Katsuya Ito

    () (Fukuoka University)

Abstract

In a cointegrated VAR model we examined the relationship between oil price and macroeconomy in Iran, which is the third largest oil exporter in the world. The sample is quarterly data, ranging from 1994:1 to 2007:4. We find that an increase in real oil prices by 1% is associated with a 0.30% increase in real GDP in the long run, whereas the short-run impact is marginal.

Suggested Citation

  • Katsuya Ito, 2012. "The Impact of Oil Price Shocks on the Iranian Economy: New evidence," Economics Bulletin, AccessEcon, vol. 32(3), pages 2246-2254.
  • Handle: RePEc:ebl:ecbull:eb-12-00120
    as

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    File URL: http://www.accessecon.com/Pubs/EB/2012/Volume32/EB-12-V32-I3-P217.pdf
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    References listed on IDEAS

    as
    1. Pantula, Sastry G., 1989. "Testing for Unit Roots in Time Series Data," Econometric Theory, Cambridge University Press, vol. 5(02), pages 256-271, August.
    2. MacKinnon, James G & Haug, Alfred A & Michelis, Leo, 1999. "Numerical Distribution Functions of Likelihood Ratio Tests for Cointegration," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 14(5), pages 563-577, Sept.-Oct.
    3. Farzanegan, Mohammad Reza & Markwardt, Gunther, 2009. "The effects of oil price shocks on the Iranian economy," Energy Economics, Elsevier, vol. 31(1), pages 134-151, January.
    4. Johansen, Soren, 1995. "Likelihood-Based Inference in Cointegrated Vector Autoregressive Models," OUP Catalogue, Oxford University Press, number 9780198774501.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Iran; oil prices; cointegration;

    JEL classification:

    • Q4 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy

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