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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 is the difference between heckscher_olin theory and comparative theory
Consider an international firm you are familiar with and what the firm needs to be concerned with when entering a foreign market. Specifically, in terms of the chapters you covered
barriers to entry?
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What are the uses of time series data?
Relate Overnight interest rates targets with money supply There are many ways to explain the important connection between the overnight interest rate target and the money suppl
y explain whether you agree or disagree with the following statements. “If nominal GDP is less than real GDP, then the price level must have fallen during the year.”
Q. Explain the Money market diagram? Let's begin by studying the money market when GDP is given. When Y is given, MD will only rely (negatively) on R and we can draw a figure w
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