Title: How Changes in Oil Prices Affect the Macroeconomy
Abstract: We estimate a New Keynesian general-equilibrium open economy model to examine how changes in oil prices affect the macroeconomy. Our model allows oil price changes to be transmitted through temporary demand and supply channels (affecting the output gap), as well as through persistent supply side effects (affecting trend growth).
Publication Year: 2009
Publication Date: 2009-01-01
Language: en
Type: preprint
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Cited By Count: 10
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