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On the Sources of Oil Price Fluctuations
Author:
Deren Unalmisnull

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Ibrahim Unalmisnull

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Ms. Filiz D Unsal
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Series:
IMF Working Papers
Volume/Issue:
Volume 2009: Issue 285
Language:
English
Publication Date:
01 Dec 2009
DOI:
https://doi.org/10.5089/9781451874303.001
ISBN:
9781451874303
ISSN:
1018-5941
Pages:
28
Keywords:
WP; equilibrium mark-up; price of oil; government spending shock; price volatility; oil price inflation; oil price shock
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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Analyzing macroeconomic impacts of oil price changes requires first to investigate different sources of these changes and their distinct effects. Kilian (2009) analyzes the effects of an oil supply shock, an aggregate demand shock, and a precautionary oil demand shock. The paper's aim is to model macroeconomic consequences of these shocks within a new Keynesian DSGE framework. It models a small open economy and the rest of the world together to discover both accompanying effects of oil price changes and their international transmission mechanisms. Our results indicate that different sources of oil price fluctuations bring remarkably diverse outcomes for both economies.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund
Volume 2009: Issue 285