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Erscheinungsjahr: 
2017
Quellenangabe: 
[Journal:] Review of Economic Perspectives [ISSN:] 1804-1663 [Volume:] 17 [Issue:] 4 [Publisher:] De Gruyter [Place:] Warsaw [Year:] 2017 [Pages:] 399-423
Verlag: 
De Gruyter, Warsaw
Zusammenfassung: 
This article provides some new empirical perspectives on the relationship between oil-market fluctuations and technological structure of EMU export. We rely on a time-varying parameter VAR model to capture the reaction of different technological structures of EMU export to various oil-market innovations in the period 2002-2015. Our results can be summarized as follows: (1) increase in crude oil production is likely to reduce oil prices and therefore increases all EMU exports due to lower production and transportation costs; (2) increase in global demand is more likely to be transmitted to goods with higher added value; (3) high-tech exports decrease in the first months after the global demand shock as a result of a delayed investment decision process; (4) increasing oil prices yield only marginal effect on EMU export.
Schlagwörter: 
EMU
export
technological structure
TVP-VAR
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