Oil shocks and external adjustment

• 成果类型: Article
• 署名作者: Bodenstein, Martin; Erceg, Christopher J.; Guerrieri, Luca
• 署名单位: Federal Reserve System - USA; Federal Reserve System Board of Governors
• 刊物名称: JOURNAL OF INTERNATIONAL ECONOMICS
• ISSN/ISSBN: 0022-1996
• DOI: 10.1016/j.jinteco.2010.10.006
• 发表日期: 2011
• 页码: 168-184
• 关键词: oil shocks; TRADE; DSGE models

摘要

We examine the effects of endogenously determined oil price fluctuations in a two-country DSGE model. Under incomplete financial markets, an oil market-specific shock that boosts the oil price results in a wealth transfer toward oil exporters, depresses the oil importer's consumption, and causes the oil importer's real exchange rate to depreciate. Although the oil importer experiences a deterioration in the oil component of its trade balance, an improvement in the nonoil balance substantially dampens the effects on the overall trade balance. Published by Elsevier B.V.