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dc.contributor.authorBjørnland, Hilde C.
dc.date.accessioned2018-05-09T11:02:01Z
dc.date.available2018-05-09T11:02:01Z
dc.date.issued2008
dc.identifier.isbn978-82-7553-456-7
dc.identifier.isbn978-82-7553-457-4
dc.identifier.issn0801-2504
dc.identifier.issn1502-8143
dc.identifier.urihttp://hdl.handle.net/11250/2497769
dc.description.abstractThis paper analyses the effects of oil price shocks on stock returns in Norway, an oil exporting country, highlighting the transmission channels of oil prices for macroeconomic behaviour. To capture the interaction between the different variables, stock returns are incorporated into a structural VAR model, as stock prices are an important transmission channel of wealth in an oil abundant country. I find that following a 10 percent increase in oil prices, stock returns increase by 2.5 percent, after which the effect eventually dies out. The results are robust to different (linear and non-linear) transformations of oil prices. The effects on the other variables are more modest. However, all variables indicate that the Norwegian economy responds to higher oil prices by increasing aggregate wealth and demand. The results also emphasize the role of other shocks; monetary policy shocks in particular, as important driving forces behind stock price variability in the short term.nb_NO
dc.language.isoengnb_NO
dc.publisherNorges Banknb_NO
dc.relation.ispartofseriesWorking Papers;16/2008
dc.rightsAttribution-NonCommercial-NoDerivatives 4.0 Internasjonal*
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/4.0/deed.no*
dc.subjectJEL: C32nb_NO
dc.subjectJEL: E44nb_NO
dc.subjectJEL: E52nb_NO
dc.subjectVARnb_NO
dc.subjectoil price shocksnb_NO
dc.subjectmonetary policynb_NO
dc.subjectstock marketnb_NO
dc.titleOil Price Shocks and Stock Market Booms in an Oil Exporting Countrynb_NO
dc.typeWorking papernb_NO
dc.description.versionpublishedVersionnb_NO
dc.subject.nsiVDP::Samfunnsvitenskap: 200::Økonomi: 210::Samfunnsøkonomi: 212nb_NO
dc.source.pagenumber37nb_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