The Dynamic Effects of Aggregate Demand, Supply and Oil Price Shocks—A Comparative Study

Hilde Bjørnland ()

Manchester School, 2000, vol. 68, issue 5, 578-607

Abstract: This paper analyses the dynamic effects of aggregate demand, supply and oil price shocks on GDP and unemployment in Germany, Norway, the UK and the USA, and establishes the role of the different shocks in explaining output fluctuations over time. Symmetries of economic fluctuations across countries are also examined. The different shocks are identified by imposing dynamic restrictions on a structural vector autoregression model. For all countries except Norway, oil price shocks have significant negative effects on output. However, whereas the oil price shock in 1973–74 triggered off a global recession, the recession in the early 1980s was largely caused by other disturbances.

Date: 2000
References: Add references at CitEc
Citations: View citations in EconPapers (31)

Downloads: (external link)
https://doi.org/10.1111/1467-9957.00220

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bla:manchs:v:68:y:2000:i:5:p:578-607

Ordering information: This journal article can be ordered from
http://www.blackwell ... bs.asp?ref=1463-6786

Access Statistics for this article

Manchester School is currently edited by Keith Blackburn

More articles in Manchester School from University of Manchester Contact information at EDIRC.
Bibliographic data for series maintained by Wiley Content Delivery ().