Núm. 41 (2014)
Artículos
Publicado
diciembre 16, 2014
Palabras clave
- real oil prices,
- macroeconomic determinants,
- economic activity and employment,
- SVAR,
- non-lineal models
Resumen
En este trabajo se analizan los principales determinantes macroeconómicos de los precios reales del petróleo (crecimiento mundial, política monetaria, tipo de cambio del dólar). Asimismo, se evalúan empíricamente el impacto de los cambios en los precios del petróleo sobre la actividad económica, el empleo y los precios domésticos en algunos países importadores netos (Estados Unidos y España), exportadores (Noruega) y autosuficientes en materia petrolífera (Argentina). El trabajo emplea modelos SVAR, con restricciones de corto plazo, para un periodo que abarca las últimas cuatro décadas. Los resultados muestran que, para los países importadores, los efectos de los incrementos de precios sobre el crecimiento del PIB real y el empleo difieren de los efectos que generan las caídas de los precios del crudo.Citas
- Akram, Farooq (2009), “Commodity Prices, Interest Rates and the Dollar”, Energy Economics 31 (6), pp. 838-851.
- Amisano, Gianni, y Giannini, Carlo (1997), Topics in Structural var Econometrics, 2ª. ed., Berlin, Springer-Verlag.
- Anzuini, Alessio; Lombardi, Marco, y Pagano, Patrizio (2010), “The Impact of Monetary Policy Shocks on Commodity Prices”, ecb Working Paper 1232, agosto.
- Baffes, John (2007), “Oil spills on other Commodities”, Policy Research Working Paper 4333, The World Bank.
- Bjornland, Hilde (2000), “The Dynamic Effects of Aggregate Demand, Supply and Oil Price Shocks. A Comparative Study”, The Manchester School, 68 (5), pp. 578-607.
- Blanchard, Oliver, y Galí, Jordi. (2007) “The Macroeconomic Effects of Oil Shocks: why are the 2000s so different from the 1970s?”, working paper 13368, National Bureau of Economic Research, septiembre.
- British Petróleum (2011) BP Statistical Review of World Energy, June 2011, London, BP Statistical Review of World Energy.
- Brown, Stephen, y Yucel, Mine (1999), “Oil Prices and us Aggregate Economic Activity: a Question of Neutrality”, Federal Reserve Bank of Dallas Economic and Financial Review, 1999 (segundo trimestre), pp. 16-23.
- Cashin, Paul; Céspedes, Luis, y Sahay, Ratna (2004), “Commodity Currencies and the Real Exchange Rate”, Journal of Development Economics, 75(1), pp. 239-268.
- Cheung, Calista, y Morin, Sylvie (2007), “The Impact of Emerging Asia on Commodity Prices”, working paper 2007/55, Banco de Canadá.
- Coyle, William (2007), “The Future of Biofuels. A Global Perspective”, documento de trabajo, Economic Research Service, USDA.
- Cuñado, Juncal, y Pérez de Gracia, Fernando (2003), “Do Oil Price Shocks Matter? Evidence from some European Countries”, Energy Economics, 25(2), pp. 137-154.
- Eichenbaum, Martin, y Evans, Charles (1995), “Some Empirical Evidence on the Effects of Shocks of Monetary Policy on Real Exchange Rates”, Quarterly Journal of Economics, 110 (4), pp. 975-1009.
- Elder, John, y Serletis, Apostolos (2010), “Oil Price Uncertainty”, Journal of Money, Credit and Banking, 42 (6), pp. 985-1198.
- Frankel, Jeffrey (2008), “The Effect of Monetary Policy on Real Commodity Prices”, en J. Campbell (ed.), Asset Prices and Monetary Policy, Chicago, University of Chicago Press, pp. 291-327.
- Frankel, Jeffrey, y Rose, Andrew (2010), “Determinants of Agricultural and Mineral Commodity Prices”, Working Paper Series rwp10-038, Kennedy School of Government, Havard University.
- Gilbert, Christopher (2010), “How to understand High Food Prices”, Journal of Agricultural Economics, 61 (2), pp. 398-425.
- Gisser, Micha, y Goodwin, Thomas (1986), “Crude Oil and the Macroeconomy: tests of some Popular Notions”, Journal of Money, Credit and Banking, 18 (1), pp. 95-103.
- Hamilton, James (1983), “Oil and Macroeconomy since World War II”, Journal of Political Economy, 91 (2), pp. 228-248.
- ___. (2003), “What is an Oil Shock?”, Journal of Econometrics, 113 (2), pp. 363-398.
- ___. (2009), “Causes and Consequences of the Oil Shock of 2007-08”, Brookings Papers on Economic Activity, 40 (1) 215-283.
- IMF (2011a), “Estadísticas Financieras Internacionales” [disquete], base de datos del Fondo Monetario Internacional.
- ___. (2011b), World Economic Outlook, Washington, dc, International Monetary Fund.
- ___. (2012), World Economic Outlook, Washington, dc, International Monetary Fund.
- Jiménez-Rodríguez, Rebeca, y Sánchez, Marcelo (2005), “Oil Price Shocks and Real gdp Growth. Empirical Evidence for some oecd Countries”, Applied Economics, 37 (2), pp. 201-228.
- Kilian, Lutz, y Hicks, Bruce (2009), “Did unexpectedly strong Economic Growth cause the Oil Price Shock of 2003-2008?”, CEPR Discussion Paper 7265, abril.
- Lütkepohl, Helmut (1991), Introduction to Multiple Time Series Analysis, Berlin, Springer Verlag.
- Nakaso, Hiroshi (2011), Report of the g-20 Study Group of Commodities, s.l., g-20.
- Sachs, Jeffrey (1982), “The Oil Shocks and Macroeconomic Adjustment in the United States”, European Economic Review, 18 (1), pp. 243-248.
- Sims, Christopher (1980), “Macroeconomics and Reality”, Econometrica, 48 (1),
- pp. 1-48.
- Singleton, Kenneth (2011), “Investor Flows and the 2008 Boom/Bust in Oil Prices”, working paper, Stanford Graduate School of Business, julio.
- Trinh, Tamara; Voss, Silha, y Dyck, Steffen (2006), China´s Commodity Hunger, Frankfurt, Deutsche Bank Research.