Macroeconomic impacts of oil prices and underlying financial shocks
書誌事項
- 公開日
- 2014-03
- 資源種別
- journal article
- 権利情報
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- © 2013 Elsevier B.V.
- This manuscript version is made available under the CC-BY-NC-ND 4.0 license http://creativecommons.org/licenses/by-nc-nd/4.0/
- DOI
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- 10.1016/j.intfin.2013.11.006
- 公開者
- Elsevier B.V.
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説明
Abstract We extend Kilian's (2009) framework to identify an exogenous shock arising from changes in financial market conditions and examine the consequent macroeconomic impacts of oil price changes. We find that a financial shock is a key determinant of oil prices and its macroeconomic impact is as important as the impact of other underlying shocks. The results indicate that policymakers must explicitly consider changes in financial market conditions when analyzing the impacts of oil shocks. Further, a stabilisation policy must be forward-looking and tailored to underlying causes because different shocks have different impacts at different time horizons.
収録刊行物
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- Journal of International Financial Markets Institutions & Money
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Journal of International Financial Markets Institutions & Money 29 1-12, 2014-03
Elsevier B.V.
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詳細情報 詳細情報について
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- CRID
- 1050856995323617152
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- NII論文ID
- 120006401499
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- HANDLE
- 20.500.14094/90004639
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- ISSN
- 10424431
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- 本文言語コード
- en
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- 資料種別
- journal article
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- データソース種別
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