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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.
what are the advantages and disadvantages of a national income and green GDP? national income figures are often used to compare living standards across countries and through time.
Consider the following: The city council has just approved the construction of a water park in your town. You are responsible for studying the impact of the new water park on the l
Consider an economy that having only of those who bake bread and those who make its ingredients. Assume that this economy's production is as follows: 1 million loaves of bread
Criticism of keynesian system
Inflation in Germany Once we have monthly data on a price index we can calculate inflation. In most nations, the percentage change in price index during one month is small. So,
Illustrate the three approaches of measuring national income? Show that these three approaches give identical result. Explain private saving. How is the private saving used
Question 1: Consider a two-period, two-person pure exchange economy. Utility functions and endowments are given as follows. u1(x0; x1) = (x0x1)2 and e1 = (18; 4) u2(x0; x1) = ln x0
Aggregate supply and the AS curve The AS curve is the aggregate supply as a function of P. It is horizontal when thesupply is low and upward sloping when the s
List the 3 factors that determine the price elasticity of demand? State the factor that determines the price elasticity of supply?
Incentives Incentives designed to increase effort, reward enterprise and encourage saving and investment include: an emphasis on the effect of a reduction in the margi
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