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In order to estimate the VAR, I have firstly to specify the data which will be analysed. As it is my aim to observe the correlations between oil prices and key macroeconomic variables over a period of time, I will use a set of variables which I believe will produce a strong understanding of the effect on the UK macroeconomy. This following subchapter will provide the reasoning behind choosing each variable. The data that will be used is calculated in quarterly periods in order to provide a significantly more accurate result.In cases when data was not ready available in quarterly periods, then the quarterly mean average figure has been calculated from the available data. The sources for all of the following data can be seen in the Data Sources Appendix. This paper will analyse these following variables:
Oil Prices (OIL) - the most obvious variable to analyse. This entire study is structured around the effects that an oil price shock will have on other key indicators, should it be shocked. Therefore it is imperative that this variable is included. The data used is the quarterly mean spot price of Brent Crude Oil, in US dollars. Brent Crude is sourced from the North Sea and it is the most utilised form of oil in the UK. The trend of this data is remarkable; the range of the data is over $100 per barrel, highlighting the volatility in the price of oil.
discuss the effect that the activities of a trade union might have on an economy?
The Marginal Costs (MC) for a firm is given by the function MC=50x. Please find the Marginal Revenues (MR) for each of the following scenarios (if appropriate). Then, find the prof
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Explain how changes in the quality of health care will influence the demand for care.
It refers to the study of feasibility of a project in terms of its total economic cost and total economic advantages. It means to compare total cost with total advantage if we
An effort to reduce energy costs, a major university has installed more efficient lights as well as automatic sensors that turn the lights off when no movement is present in a room
Q. Consumption function in the AS-AD model? Consumption. Suppose that P increases by say 10% whereas real GDP (Y) is constant. Nominal GDP and nominal national will now have
Suppose you have the following information about a closed economy: C = 50 + 0.80 (Y-T) I = 200 G = 100 a) Find out the equilibrium level of income. b) Suppose G in
evaluate the usefulness of the model in South Africa
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