Ba, Yusuf Soner; scedil; kaya; Hülagü, Timur; … - In: IMF Economic Review 61 (2013) 1, pp. 168-198
In this paper, the business cycle implications of oil price uncertainty are analyzed for an oil-importing small open economy. Higher volatility in oil prices works through two main channels. On one hand, it makes the marginal product of capital riskier, creating an incentive to substitute away...