The effects of oil price shocks on output and inflation in China

doi:10.1016/j.eneco.2014.11.017

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	The effects of oil price shocks on output and inflation in China
	Zhao, Lin 1; Zhang, Xun2 ; Wang, Shouyang2 ; Xu, Shanying 2
	2016
发表期刊	ENERGY ECONOMICS
ISSN	0140-9883
卷号	53 页码:101-110
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.
关键词	Oil demand shocks Oil supply shocks Output Inflation DSGE model China
DOI	10.1016/j.eneco.2014.11.017
语种	英语
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
WOS类目	Economics
WOS记录号	WOS:000370886300010
出版者	ELSEVIER SCIENCE BV
引用统计
文献类型	期刊论文
条目标识符	http://ir.amss.ac.cn/handle/2S8OKBNM/22158
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.