We use a vector autoregressive model with block exogeneity to study the macroeconomic effects of oil price fluctuations for six small open economies in Southeast Asia. Our method has an advantage over those used in the literature in that it allows us to focus on the effects of oil shocks while...

The strong and sustained rise in oil prices observed in recent years poses a challenge to monetary policy and its ability to simultaneously achieve low inflation and stable output. Against this background, the paper studies monetary policy in a small open economy New Keynesian DSGE model...

The strong and sustained rise in oil prices observed in recent years poses a challenge to monetary policy and its ability to simultaneously achieve low inflation and stable output. Against this background, the paper studies monetary policy in a small open economy New Keynesian DSGE model...

This paper considers monetary and fiscal policy responses to oil price shocks in low income oil importing countries. I examine the dynamic properties and the welfare implications of a set of inflation targeting policies and a group of policies where the government provides a subsidy on household...

This paper examines monetary policy responses to oil price shocks in a small open economy that produces traded and non-traded goods. When only labor and oil are used in production and prices are sticky in the non-traded sector the behavior of inflation, the nominal exchange rate, and the...

We assess the determinants of equilibrium real exchange rates in a sample of oil-dependent countries. Our basic data cover OPEC countries from 1975 to 2005. We also include three oil-producing Commonwealth of Independent States (CIS) countries in our robustness analysis. Utilising several...

In an aggregate supply, aggregate demand model of an open economy with imperfect competition in labour and product markets, the effectiveness of monetary and fiscal policies depends on the degree of wage indexation, the exchange rate regime and the currency denomination of the international...

The study empirically examines the role of trade openness and other determinants in explaining the intensity of energy use in Nigeria using annual data from 1981 to 2015. The paper uses an auto-regressive distributed lag (ARDL) model in interpreting both long-run energy intensity as a co...

The study empirically examines the role of trade openness and other determinants in explaining the intensity of energy use in Nigeria using annual data from 1981 to 2015. The paper uses an auto-regressive distributed lag (ARDL) model in interpreting both long-run energy intensity as a co...

International trade has been playing an extremely significant role in China over the last 20 years. This paper is aimed at investigating and understanding the relationship between China's macro-economy and oil price from this new perspective. We find strong evidence to suggest that the increase...