We employ a set of sign restrictions on the generalized impulse responses of a Global VAR model, estimated for 38 countries/regions over the period 1979Q2–2011Q2, to discriminate between supply-driven and demand-driven oil-price shocks and to study the time profile of their macroeconomic...

We employ a set of sign restrictions on the generalized impulse responses of a Global VARmodel, estimated for 38 countries/regions over the period 1979Q2 2011Q2, to discriminatebetween supply-driven and demand-driven oil-price shocks and to study the time profile oftheir macroeconomic effects...

Is the relationship between the current account balance and the terms of trade affected by the persistence of terms of trade shocks? In intertemporal models of the current account that incorporate a consumption-smoothing and an investment response to shocks, the effect of the terms of trade on...