| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7288 |
| DP7288 Minimum Wages and Firm Training | |
| Dennis Snower; Wolfgang Lechthaler | |
| 发表日期 | 2009-05-03 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | A common view in the literature is that the effect of energy price shocks on macroeconomic aggregates is asymmetric in energy price increases and decreases. We show that widely used asymmetric vector autoregressive models of the transmission of energy price shocks are misspecified, resulting in inconsistent parameter estimates, and that the implied impulse responses have been routinely computed incorrectly. As a result, the quantitative importance of unanticipated energy price increases for the U.S. economy has been exaggerated. In response to this problem, we develop alternative regression models and methods of computing responses to energy price shocks that yield consistent estimates regardless of the degree of asymmetry. We also introduce improved tests of the null hypothesis of symmetry in the responses to energy price increases and decreases. An empirical study reveals little evidence against the null hypothesis of symmetry in the responses to energy price shocks. Our analysis also has direct implications for the theoretical literature on the transmission of energy price shocks and for the debate about policy responses to energy price shocks. |
| 主题 | International Macroeconomics |
| 关键词 | Asymmetry Energy price Impulse response Net increase Oil price Propagation Shock Transmission Vector autoregression |
| URL | https://cepr.org/publications/dp7288 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/536125 |
| 推荐引用方式 GB/T 7714 | Dennis Snower,Wolfgang Lechthaler. DP7288 Minimum Wages and Firm Training. 2009. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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