Intermediate Imports, Expectations and Stochastic Equilibrium under Flexible Exchange Rates

Import Tariffs and Stagflation

“…Stagflation may be defined as a condition of simultaneous price inflation and unemployment (McConnell, 1978). Since the 1970s oil shocks, there has been a strong belief that energy crises are the most important element that accelerate and intensify the tendency towards stagflation (Branson and Rotemberg 1979;Bruno and Sachs 1985;Blinder and Rudd 2008;Burbige and Harrison 1984;Harkness 1982;Malinvaud 1977;Hill 1980;Leduc and Sill 2004;Mork Olsen and Mysen 1994;Peterson 1980). 1 Consequently, not very much work have been done to examine other possible sources of stagflation.…”

Growth And Oil Futures Prices In Developing Countries

“…Much of the research in this area has focused on studying the above mentioned issue on the U.S. economy and other developed economies including Japan, Germany, UK, and Canada, [Mork & Hall (1980), Bruno & Sachs (1981), Rasche and Tatom (1981), Bruno and Sachs (1982), Darby (1982), Harkness (1982), Burbidge & Harrison (1984), Gisser & Goodwin (1986), Mork (1989), Mork et al (1994), JimenezRodriguez (2004) and Jimenez- Lee et al (1995), Ferderer (1996), Hamilton (1996) In contrast to this research, empirical work focusing on the impacts on developing economies has been relatively limited [Hwang & Gum (1992) . This neglect is surprising for at least three reasons.…”

An Analysis of Oil Price Shocks on the Colorado Economy Using Vector Autoregression

“…In recent years, there have been various attempts to measure the effects of oil price increases on the macroeconomic performance of the United States. The general fmding has been that rising oil prices cause wages and prices to increase and real output to decrease (see Bruno, 1982;Harkness, 1982;and Tatom, 1981). The effect of oil price shocks, on the other hand, may be quite different for a regional economy, especially for states that are heavily engaged in activities related to the oil and gas sector.…”