Over the years, Nigeria depends on crude oil proceeds as the major source of national income, foreign exchange and external reserves. This dependence coupled with the huge cost of running and maintaining the political structure among other factors prove disastrous by leading the economy to the worst recession in decades. We therefore, chronicle the origin, effects and way out of the recession v...

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Health expenditures as a share of GDP in the United States have more than tripled over the past half-century. A common conjecture is that this is a consequence of rising income. We investigate this hypothesis by instrumenting for local area income with time series variation in oil prices interacted with local oil reserves. This strategy enables us to capture both partial equilibrium and local g...

The impact of oil shocks is analyzed by estimating an augmented Phillips curve on a national, regional and city level in the United States. A significant pass-through to inflation (including all items) is recorded for all regions, while core inflation remains largely muted. The West region has experienced a much lower pass-through than other regions and a few reasons for this are; greater oil e...

Extant literature establishes co-movements among commodity (metal and oil) prices; whereas oil price/shocks aggregate, as a lone predictor, has relative predictability for most financial assets. We assess the of Baumeister Hamilton's (2019) decomposed shocks (economic activity shocks, consumption demand inventory supply shocks) conditional volatilities prominently traded precious metals (gold, ...

In a local projections framework, we study the impact of oil price shocks, based on refined approach to disentangle movements, dynamics entire yield curve in nineteen emerging economies with different positions market. Responses term structure factors market shocks are shown differ conditional not only underlying sources that drive price, but also oil-dependence these economies. particular, fin...

 Libya experienced a substantial increase in oil revenue as a result of increased oil prices during the period of the late 1970s and early 1980s, and again after 2000. Recent increases in oil production and the price of oil, and their positive and negative macroeconomic impacts upon key macroeconomic variables, are of considerable contemporary importance to an oil dependent economy such as that...

This paper investigates the uncertainty-dependent and sign-dependent effects of oil market fundamental shocks, namely supply, aggregate demand oil-specific shocks. We do so by first proposing a novel uncertainty index that is measured stochastic volatility unpredictable component prices. then employ nonlinear model find all reactions production, real price oil, global economic activity to struc...