The Effects of Oil Shocks on Turkish Macroeconomic Aggregates

Moayad Al Rasasi and Mustafa Yilmaz
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Mustafa Yilmaz: Educational Policy Studies, School of Education, The University of Kansas, Lawrence, KS, USA

International Journal of Energy Economics and Policy, 2016, vol. 6, issue 3, 471-476

Abstract: This paper examines the impacts of oil price shocks on macroeconomic aggregates of Turkey. We find evidence suggesting the influential role of oil price shocks on macroeconomic aggregates. In other words, we find that oil price shocks affect output growth negatively with a delay. However, higher oil prices are associated with higher inflation, and depreciating exchange rate. We also explore the role of asymmetric oil shocks on macroeconomic aggregates and find that both oil price increases and decreases are associated with a delayed lower output growth rate. Furthermore, we find oil price increases affect inflation positively with a delay. The appreciation of exchange rate appears with a delay due to oil price decreases

Keywords: Oil Price Shocks; Economic Activity; Turkey (search for similar items in EconPapers)
JEL-codes: C22 C32 Q43 (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (10)

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Persistent link: https://EconPapers.repec.org/RePEc:eco:journ2:2016-03-12

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