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http://hdl.handle.net/10419/50867
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| Title: | | Oil prices and the Swiss economy  |
| Authors: | | Atukeren, Erdal |
| Issue Date: | | 2003 |
| Series/Report no.: | | Arbeitspapiere // Konjunkturforschungsstelle, Eidgenössische Technische Hochschule Zürich 77 |
| Abstract: | | This paper examines the macroeconomic effects of an oil price shock in a small open industrial economy without oil resources, namely, Switzerland. First, we test whether oil price shocks Granger-cause Swiss macroeconomic variables, and use a medium-scale macroeconometric model to track the effects of an oil price shock. Our estimates show that large increases in oil prices lead to a rather small decline in Swiss real GDP. Furthermore, there is no permanent pass-through effect via core inflation. Oil price shocks also adversely affect Swiss exports, but imports also shrink and lessen the overall impact on real GDP growth. |
| JEL: | | Q43 C32 C50 |
| Document Type: | | Working Paper |
| Appears in Collections: | | KOF Working Papers, KOF Konjunkturforschungsstelle, ETH Zürich
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