Oil price and macroeconomy in Russia

Katsuya Ito ()
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Katsuya Ito: Fukuoka University

Economics Bulletin, 2008, vol. 17, issue 17, pages 1-9

Abstract: In this note, using the VEC model we attempt to empirically investigate the effects of oil price and monetary shocks on the Russian economy covering the period between 1997:Q1 and 2007:Q4. The analysis leads to the finding that a 1% increase in oil prices contributes to real GDP growth by 0.25% over the next 12 quarters, whereas that to inflation by 0.36% over the corresponding periods. We also find that the monetary shock through interest rate channel immediately affects real GDP and inflation as predicted by theory.

JEL-codes: Q4 (search for similar items in EconPapers)
Date: 2008-09-20
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Persistent link: http://EconPapers.repec.org/RePEc:ebl:ecbull:v:17:y:2008:i:17:p:1-9

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