This paper empirically examines the impact of oil price volatility on key macroeconomic indicators of Thailand. Following Andersen et al. [2004. Analytical evaluation of volatility forecasts. International Economic Review 45(4), 1079-1110], quarterly oil price volatility is measured by using the...

The term “business cycle” refers to joint time-series behavior of a wide range of economic variables such as prices, output, employment, consumption and investment. The objective of this article is to study the effect of the terms of trade in a small open economy general stochastic...

The evolution of Spanish unemployment has been quite idiosyncratic. The full-employment levels of the early seventies were followed by unemployment rates that were the highest within the OECD countries in the aftermath of the oil price shocks. While unemployment was extremely persistent in most...

This study finds that there is evidence of a J-curve for Chile, Ecuador, and Uruguay and lack of support for a J-curve for Argentina, Brazil, Colombia, and Peru. Increased real income in the home country would improve the trade balance for Brazil and Ecuador and deteriorate the trade balance for...