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Oil and Macroeconomic Uncertianty

Author

Listed:
  • Andrea Bastianin

    (FEEM and University of Milan)

  • Matteo Manera

    (FEEM and University of Milan - Bicocca)

Abstract

In this article we discuss the concepts of macroeconomic uncertainty, oil price uncertainty and oil price shocks. Given the relevance of oil and macroeconomic uncertainty in both academic research and the political sphere, we illustrate how economic uncertainty can be operationally defined and empirically measured. After surveying some common proxies of macroeconomic uncertainty, we describe our proposed measure of oil price uncertainty, and we illustrate the contribution of its underlying components, namely uncertainties related to oil consumption and production, economic activity and oil inventories.

Suggested Citation

  • Andrea Bastianin & Matteo Manera, 2015. "Oil and Macroeconomic Uncertianty," Review of Environment, Energy and Economics - Re3, Fondazione Eni Enrico Mattei, June.
  • Handle: RePEc:fem:femre3:2015.06-04
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    More about this item

    Keywords

    Macroeconomic Uncertainty; Oil Price Uncertainty; Oil Price Shocks; Oil Price;
    All these keywords.

    JEL classification:

    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • C58 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Financial Econometrics
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • Q41 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Demand and Supply; Prices
    • Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy

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