The effects of oil price shocks in a new-Keynesian framework with capital accumulation

  • Verónica Acurio Vásconez, Gaël Giraud, Florent Mc Isaac, Ngoc-Sang Pham
  • Published 2015

Abstract

The economic implications of oil price shocks have been extensively studied since the 1970s. Despite this huge literature, no dynamic stochastic general equilibrium model was available that captures two wellknown stylized facts: (1) the stagflationary impact of an oil price shock, together with (2) the influence of the energy efficiency of capital on the… (More)

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