The impact of oil shocks in a small open economy New-Keynesian dynamic stochastic general equilibrium model for an oil-importing country: The case of South Africa
This article studies the effects of foreign (real) oil price shocks on key macroeconomic
variables for South Africa: a net-importer of oil. We develop and estimate a small open
economy New-Keynesian dynamic stochastic general equilibrium model with a role for oil in
consumption and production. The substitutability of oil for capital and consumption goods is
low, import price pass-through is incomplete, domestic and foreign prices and wages are
sticky, and the uncovered interest rate parity condition holds imperfectly. Foreign real oil …
variables for South Africa: a net-importer of oil. We develop and estimate a small open
economy New-Keynesian dynamic stochastic general equilibrium model with a role for oil in
consumption and production. The substitutability of oil for capital and consumption goods is
low, import price pass-through is incomplete, domestic and foreign prices and wages are
sticky, and the uncovered interest rate parity condition holds imperfectly. Foreign real oil …
The impact of oil shocks in a small open economy New-Keynesian dynamic stochastic general equilibrium model for South Africa
This paper studies the effects of foreign (real) oil price shocks on key macroeconomic
variables for South Africa: a net-importer of oil. We develop and estimate a small open
economy new-Keynesian dynamic stochastic general equilibrium model with a role for oil in
consumption and production. The substitutability of oil for capital and consumption goods is
low, import price pass-through is incomplete, domestic and foreign prices and wages are
sticky, and the uncovered interest rate parity condition holds imperfectly. Foreign real oil …
variables for South Africa: a net-importer of oil. We develop and estimate a small open
economy new-Keynesian dynamic stochastic general equilibrium model with a role for oil in
consumption and production. The substitutability of oil for capital and consumption goods is
low, import price pass-through is incomplete, domestic and foreign prices and wages are
sticky, and the uncovered interest rate parity condition holds imperfectly. Foreign real oil …
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