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The Effects of Oil Price Shocks on real GDP in Iran

  • Mohammad Taghi Khosravi Larijani

    ()

    (Department of Management, Islamic Azad University Jouybar branch, Jouybar, Iran)

  • Abbas Rezazadeh Karsalari

    ()

    (Department of Management, Islamic Azad University Tafresh branch, Tafresh, Iran)

  • Mehdi Aghaee

    ()

    (Department of Management, Islamic Azad University Tafresh branch, Tafresh, Iran)

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    In this paper, the asymmetric effects of oil price shocks on GDP have been investigated by co-integration analysis in Iran economy during the period 1960-2010. We used Hodrick-Prescott filtering to separate positive shocks from negative shocks. The results showed that in long run the negative shocks have stronger effects on output than positive ones that can have damaging repercussions on economic growth. The findings have practical policy implications for decision makers in the area of macroeconomic planning. The use of stabilization and savings funds and diversification of the real sector seems crucial to minimize the harmful effects of oil booms and busts.

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    Article provided by Faculty of Economic Sciences, Hyperion University of Bucharest, Romania in its journal Hyperion Economic Journal.

    Volume (Year): 1 (2013)
    Issue (Month): 3 (September)
    Pages: 18-29

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    Handle: RePEc:hyp:journl:v:1:y:2013:i:3:p:18-29
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