The effects of oil price shocks on output and inflation in China
文献类型：期刊论文
| 作者 | Zhao, Lin1; Zhang, Xun2 ; Wang, Shouyang2; Xu, Shanying2
|
| 刊名 | ENERGY ECONOMICS
 |
| 出版日期 | 2016 |
| 卷号 | 53页码:101-110 |
| 关键词 | Oil demand shocks Oil supply shocks Output Inflation DSGE model China |
| ISSN号 | 0140-9883 |
| DOI | 10.1016/j.eneco.2014.11.017 |
| 英文摘要 | Crude oil price shocks derive from many sources, each of which may bring about different effects on macro economy variables and require completely different designs in macro-economic policy; thus, distinguishing the sources of oil price fluctuations is crucial when evaluating these effects. This paper establishes an open economy dynamic stochastic general equilibrium (DSGE) model with two economies: China and the rest of the world. To assess the effects of oil price shocks, the CES production function is extended by adding oil as an input. Based on the model, the effects of four types of oil price fluctuations are evaluated. The four types of oil price shocks are supply shocks driven by political events in OPEC countries, other oil supply shocks, aggregate shocks to the demand for industrial commodities, and demand shocks that are specific to the crude oil market. Simulation results indicate the following: Oil supply shocks driven by political events mainly produce short-term effects on China's output and inflation, while the other three shocks produce relatively long-term effects; in addition, demand shocks that are specific to the crude oil market contribute the most to the fluctuations in China's output and inflation. (C) 2014 Elsevier B.V. All rights reserved. |
| 资助项目 | National Natural Science Foundation of China (NSFC)[71101142] ; National Natural Science Foundation of China (NSFC)[71422015] |
| WOS研究方向 | Business & Economics |
| 语种 | 英语 |
| WOS记录号 | WOS:000370886300010 |
| 出版者 | ELSEVIER SCIENCE BV |
| 源URL | [http://ir.amss.ac.cn/handle/2S8OKBNM/22157]  |
| 专题 | 系统科学研究所 |
| 通讯作者 | Zhang, Xun |
| 作者单位 | 1.Shanghai Univ Finance & Econ, Inst Adv Res, Shanghai 200433, Peoples R China 2.Chinese Acad Sci, Acad Math & Syst Sci, Beijing 100190, Peoples R China |
| 推荐引用方式 GB/T 7714 | Zhao, Lin,Zhang, Xun,Wang, Shouyang,et al. The effects of oil price shocks on output and inflation in China[J]. ENERGY ECONOMICS,2016,53:101-110. |
| APA | Zhao, Lin,Zhang, Xun,Wang, Shouyang,&Xu, Shanying.(2016).The effects of oil price shocks on output and inflation in China.ENERGY ECONOMICS,53,101-110. |
| MLA | Zhao, Lin,et al."The effects of oil price shocks on output and inflation in China".ENERGY ECONOMICS 53(2016):101-110. |
入库方式： OAI收割
来源：数学与系统科学研究院
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