石油价格对汇率冲击的研究综述

石油是处于一国经济产业链的最上游的基础能源物资,历史上3次石油危机都给全球的经济产生深远的影响,其中,汇率是一个关键的传导变量.本文基于国内外学者的研究成果,对石油价格对汇率冲击的文献进行综述,油价波动对主要通过影响通胀形势、国际贸易收支、资金流动等途径对名义汇率产生冲击,进而影响汇率水平,并提出未来的研究方向.     

中国“十二五”中前期宏观经济走势

中国目前的通货膨胀起主要作用的是需求拉动型,并引发成本推动型通货膨胀。中国经济增长速度可能回落的五种原因：深层次原因,直接原因,地方政府原因,民营经济原因,中央政府原因。如何转变增长方式、调整经济结构和进行体制改革。     

我国宏观经济政策效用的实证分析

改革开放以来,我国逐步从计划经济体制走向市场经济体制,国民经济由高度集中的计划调控向市场调控转变。宏观经济政策作为国家对国民经济进行宏观调控的手段,已经在我国的经济发展中显示出极其重要的作用。 一、变量的确定 １．财政政策 财政政策包括收支两个方面。财政收入的主要来源是税收收入,同时税收政策也是调节国民经济的重要杠杆。税收额是国内生产总值Ｙ的递增函数,即ＴＸ＝Ｆ（Ｙ）。一般说来,宏观税负水平可以代表税收政策。所谓宏观税负水平是指一国的年度税收收入总额占国民生产总值或国内生产总值的比率,可简称税收比…     

石油价格变化对中国经济影响的模型研究

本文通过一个真实商业周期范式的两部门混合经济模型,探讨石油价格波动对中国各经济变量的影响和这种影响的传导机制。模型得出了商品供应、部门产出、GDP、就业、要素报酬、要素收入等对石油价格波动的比较静态效应。同时,模型还证明,消费结构、相对真实石油价格和生产技术结构共同决定了GDP变化的方向,而投资率只影响变化的幅度。本文的政策含义是,需求结构政策、技术44新和替代能源、货币政策、投资政策和货币政策都是可选择的用于最小化石油价格冲击影响的政策工具。     

石油价格的形成机制分析

随着中国对石油进口依赖程度的提高,油价的异常波动,将对中国石油供给和国民经济产生越来越大的影响和冲击。文章从长期和短期两方面着手,长期内从经济学的供需理论角度出发,建立模型,采用计量经济学的OLS方法,分析油价的影响因素;接着分析了影响油价波动的短期因素,最后并在此基础上总结出结论。     

基于系统动力学的石油价格分析

在世界政治经济格局经历新变动的国际形势下,石油价格变动影响着世界经济的发展,成为人们倍受关注的焦点。本文从系统动力学的角度,简要的分析了影响石油价格的因素,并通过建模仿真得出石油价格与各影响因素之间的关系。     

ARIMA模型在石油价格预测中的应用

首先分析了影响石油价格的各种因素,并以布伦特原油在国际油品市场的普氏现货报价为依据,建立ARIMA预测模型,最后以2005年下半年油价走势为例,说明如何将定性分析与定量分析相结合,对石油价格的未来走势进行分析和判断。对相关企业的科学决策有一定的借鉴意义。     

资源供给冲击与宏观经济波动--重新理解中国经济增长

本文根据中国经济自1998年以来的发展状况，提出了一个基于“政策冲击”的新型供给冲击假说——“资源供给冲击假说”，并尝试从资源供给冲击的角度重新理解中国经济在近年来所发生的一系列变化。本文指出，正是由于资源供给的正向冲击以及由此所引起的（负向或正向）需求冲击的综合作用，才构成了1998年以后中国经济的整个演变过程。1998年以后出现的所谓“缩长”现象，很大程度上可以通过资源供给冲击加以解释。正向资源供给冲击也是解释本轮投资扩张的重要原因。但是，由于正向资源供给冲击是以资源和要素所有者（或原使用者）的收入损失为代价，由此导致的负向需求冲击对经济发展的消极影响不容忽视。     

Sectoral Shocks and Metropolitan Employment Growth

In this paper, we study the sources of industry employment growth in each of five metropolitan statistical areas (MSAs). The objective is to understand the relative importance of aggregate disturbances versus local sectoral shocks in generating observed employment fluctuations at the MSA level. The empirical evidence presented in this paper derives from structural vector autoregressions (SVARs), estimated for each of the five MSAs. Estimations use monthly employment data covering nine one-digit industrial categories for the period 1951:1–1999:8, as well as two variables that capture the influences of aggregate (i.e., national) shocks on MSAs. We find that within-MSA industry shocks explain considerably more of the forecast error variance in industry employment growth than do aggregate shocks. Sectoral shocks account for between 87 and 94% of the 36-month-ahead forecast error variance. Among individual local sectors, shocks to MSA-specific government, manufacturing, and service sector employment growth are the predominate sources of variability.     

国际石油价格波动对我国宏观经济的影响

近几年来,国际石油价格波动频繁,对我国的宏观经济产生了一定程度的影响。为了减少石油价格波动对我国宏观经济的负面影响,本文从石油的商品属性、战略属性及金融属性出发,分析影响价格波动的因素。并进一步在CPI、货币政策及我国产出三个方面阐述了油价波动对我国宏观经济的具体影响。最后总结了几点政策建议。     

Oil price shocks and unemployment in Central and Eastern Europe

The aim of this paper is to examine the effect of oil price movements on unemployment in Central and Eastern Europe. We do this by disentangling oil prices movements by their sign and from there we analyse the separate effects of positive and negative movements of oil prices on unemployment rates. We find that, although oil prices and unemployment are not correlated very much in the short run, the effect of oil price shocks on the natural rate of unemployment goes in the same direction, so that increases or decreases in oil prices increase or decrease the natural rate of unemployment.     

Oil price shocks and credit spread: Structural effect and dynamic spillover

This study analyzes the heterogeneous response of U.S. credit spread to global oil price shocks by building an extended structural vector autoregressive model (SVAR), which can distinguish among the U.S. and non-US oil supply shocks, aggregated demand shocks and oil market-specific demand shocks behind the real oil prices. Meanwhile, a spillover index model developed by Diebold and Yilmaz (2012) (hereafter D.Y. (2012)) is used to estimate the link between oil price shocks and the U.S. credit spread over time. The results show that (i) the credit spread does not respond to global oil supply shocks and non-US oil supply shocks, but has a negative reaction to the U.S. oil supply shocks, aggregate demand shocks, and oil-market-specific demand shocks. (ii) There exists a close connectedness between oil price shocks and the U.S. credit spread, and the link fluctuates cyclically and relates to the economic cycle and the U.S. shale oil revolution. (iii) The spillover from different oil price shocks to the U.S. credit spread shows significant heterogeneity over time. Our findings suggest that policymakers and investors can better track the U.S. credit spread changes using oil price information.     

Oil structural shocks,bank-level characteristics,and systemic risk: Evidence from dual banking systems

By performing a structural VAR analysis on oil price shocks, we provide an evidence on how the origins of oil price shocks impact the risk level of banks in oil-exporting countries and whether bank-level characteristics can influence the sensitivity of risk to oil shocks. When conducting panel regression analysis, we document the following findings. First, not all shocks have the same effect on bank risk. Due to oil supply shocks, the increase in oil price raises bank risk, whereas the similar increase in price due to economic expansion or oil-market specific demand reduces that risk. Second, the business model (whether the bank is Islamic or conventional), size, income diversification, profitability, and financial leverage influence the bank risk exposure to oil shocks differently. Third, the two major recent crises (global financial crises and COVID-19 pandemic) magnified bank risk exposure to oil supply shocks and speculative oil demand shocks. Overall, the structural oil shocks explain a large fraction of the variation in financial stability in GCC countries.     

Economic growth, size of the agricultural sector, and urbanization in Africa

This paper uses variations in international commodity prices and rainfall to construct instrumental variables estimates of the within-country effect that changes in the size of the agricultural sector and GDP per capita growth have on the urbanization rate. For a panel of 41 African countries during the period 1960-2007, the paper’s three main findings are that: (i) decreases in the share of agricultural value added lead to a significant increase in the urbanization rate; (ii) conditional on changes in the share of agricultural value added GDP per capita growth does not significantly affect the urbanization rate; (iii) increases in the urbanization rate had a significant negative average effect on GDP per capita growth.     

我国经济与物价的中长期发展前景

在国内宏观调控政策保持相对稳定、美欧日经济平稳增长的情况下,2011年我国经济增速将回调到9.7%左右,2012～2015年将保持10%左右的较快增长状态。2011年和2012年我国通货膨胀压力较大,CPI涨幅将超过5%。2012年以后食品价格和CPI涨幅趋于下降,但非食品价格仍将保持较快上涨态势,内在通胀压力依然存在。可通过适度控制交易性货币供给增速和工资上涨幅度、加大人民币升值幅度等措施缓解物价上涨压力,但需要处理好抑制物价上涨和稳定经济增长的关系。     

我国推行物价变动会计的思考

物价变动是世界各国普遍关心的问题,针对目前我国市场存在的通货膨胀问题,物价变动会计的研究提上了日程。文章分析了我国推行物价变动会计的客观要求,分析了我国物价变动会计的现状,提出了我国发展物价变动会计的难题,并讨论了相关的对策。     

The effects of oil price shocks on inflation in the G7 countries

This study examines the effects of three types of oil price shocks on inflation in the G7 countries with a new method of isolating oil price shocks. Based on monthly data from January 1997 to January 2019, we find that each oil price shock has the largest effect on U.S. inflation among the G7 countries and each country’s response to oil price shocks is different. Moreover, a rolling-window analysis shows that supply shocks, demand shocks and risk shocks have dynamic effects on inflation. The effect of supply shocks on inflation is strong before the financial crisis, but weakens during the crisis. However, the effect of demand shocks increases sharply in this time. The effect of risk shocks mainly occurs during the financial crisis and the European debt crisis. In addition, this study uses two ways to verify the robustness of the results. Our empirical results have important implications for policymakers and manufacturers, since the results provide a good explanation for the response of inflation in the G7 countries to the oil price shocks from different sources.     

Money,random matching and endogenous growth: A quantitative analysis

In this study, we develop a search-and-matching monetary growth model to analyze the effects of inflation on economic growth and social welfare by introducing endogenous economic growth via capital externality into a two-sector search-and-matching model. We find that the channel through which inflation affects economic growth in the search-and-matching model is different from the traditional cash-in-advance model. To facilitate the calibration, we obtain an empirical estimate of the effects of inflation on economic growth using panel regressions. In the simulation analysis, we quantitatively evaluate the welfare effect of inflation in the search-and-matching endogenous growth model and compare it to a search-and-matching exogenous growth model. We find that the welfare effect of inflation is nonlinear in the endogenous growth model whereas it is linear in the exogenous growth model. Furthermore, we find that the welfare cost of inflation under endogenous growth is up to four times as large as the welfare cost of inflation under exogenous growth.