English, Article, Journal or magazine article edition: Real Exchange Rate, Output and Oil: Case of Four Large Energy Producers Korhonen, Iikka; Mehrotra, Aaron

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Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Real Exchange Rate, Output and Oil: Case of Four Large Energy Producers
Author
  • Korhonen, Iikka
  • Mehrotra, Aaron
Physical Description
  • preprint
Notes
  • We assess the effects of oil price shocks on real exchange rate and output in four large energy-producing countries: Iran, Kazakhstan, Venezuela, and Russia. We estimate four-variable structural vector autoregressive models using standard long-run restrictions. Not surprisingly, we find that higher real oil prices are associated with higher output. However, we also find that supply shocks are by far the most important driver of real output in all four countries, possibly due to ongoing transition and catching-up. Similarly, oil shocks do not account for a large share of movements in the real exchange rate, although they are clearly more significant for Iran and Venezuela than for the other countries.
  • structural VAR model; oil price; Iran; Kazakhstan; Russia; Venezuela
  • RePEc:hhs:bofitp:2009_006
Language
  • English
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