Skip to main navigation Skip to main content
info(at)avldigital.remove-this.de
Deutsch English
Narrow Search
Search narrowed by
Last searches

Results for *

Displaying results 1 to 1 of 1.

  1. Commodity price shocks and the business cycle
    structural evidence for the US
    Author: Gubler, Matthias; Hertweck, Matthias S.
    Published: 2011
    Publisher:  WWZ, Basel

    This paper develops a 9-dimensional SVAR to investigate the sources of the U.S. business cycle. We extend the standard set of identified shocks to include unexpected changes in commodity prices. Our main result is that commodity price shocks are a... more

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 523 (2011,5)
    Inter-library loan:
    No inter-library loan

     

    This paper develops a 9-dimensional SVAR to investigate the sources of the U.S. business cycle. We extend the standard set of identified shocks to include unexpected changes in commodity prices. Our main result is that commodity price shocks are a very important driving force of macroeconomic fluctuations, second only to investment-specific technology shocks. In particular, we find that commodity price shocks explain a large share of cyclical movements in inflation. Neutral technology shocks and monetary policy shocks seem less relevant at business cycle frequencies. The impulse response dynamics provide support for medium-scale DSGE models, but not for strong price rigidities.

     
    Export to reference management software   RIS file
      BibTeX file
    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/123415
    Edition: This version: March 28, 2011
    Series: WWZ Discussion Paper ; 11,05
    Subjects: Rohstoffpreis; Schock; Wirkungsanalyse; Konjunktur; VAR-Modell; Schätzung; USA; business cycles; commodity price shocks; structural VAR
    Scope: Online-Ressource (PDF-Datei: 41 S.), graph. Darst.