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dc.contributor.authorAastveit, Knut Are
dc.description.abstractThis paper examines the impact of different types of oil price shocks on the U.S. economy, using a factor-augmented VAR (FAVAR) approach. The results indicate that when examining the effects of oil price shocks, it is important to account for the interaction between the oil market and the macroeconomy. I find that oil demand shocks are more important than oil supply shocks in driving several macroeconomic variables, and that the origin of demand shocks matter. Specifically, the U.S. economy and monetary policy respond differently to global demand shocks that have the effect of raising the price of oil and to oil-specific demand shocks.nb_NO
dc.publisherNorges Banknb_NO
dc.relation.ispartofseriesWorking Papers;10/2013
dc.rightsAttribution-NonCommercial-NoDerivatives 4.0 Internasjonal*
dc.subjectJEL: C3nb_NO
dc.subjectJEL: E31nb_NO
dc.subjectJEL: E32nb_NO
dc.subjectJEL: E4nb_NO
dc.subjectJEL: E5nb_NO
dc.subjectJEL: Q43nb_NO
dc.subjectoil demand shocksnb_NO
dc.subjectoil supply shocksnb_NO
dc.subjectbusiness cyclenb_NO
dc.subjectmonetary policynb_NO
dc.subjectfactor modelnb_NO
dc.titleOil Price Shocks and Monetary Policy in a Data-Rich Environmentnb_NO
dc.typeWorking papernb_NO
dc.subject.nsiVDP::Samfunnsvitenskap: 200::Økonomi: 210::Samfunnsøkonomi: 212nb_NO

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Attribution-NonCommercial-NoDerivatives 4.0 Internasjonal
Except where otherwise noted, this item's license is described as Attribution-NonCommercial-NoDerivatives 4.0 Internasjonal