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The estimated statistics from the VAR model are not able to be interpreted to solve the problem of this coursework due to reasons that are discussed in the next subchapter. Therefore throughout this paper there will be no formal analysis of the statistics directly from the VAR table. Once the VAR has been estimated, the model will be transformed into the moving average representation version. This representation can then be used to produce the impulse responses of to the other variables in response to an oil price shock. These impulses responses will offer the most information about the correlations between oil prices and the remaining variables. Before analysing the effects of oil price shock by using impulse response functions, there are many key steps which need to be taken to ensure that the goodness of fit of the model and accuracy of the results are of high standard, otherwise the results will be meaningless.
What are the effects of neutral inflation
Aggregate Demand Policies Both fiscal and monetary policy changes shift the AD curve. Let us see how, starting with a fiscal expansion. See figure 6.2. In the upper panel, the
Overnight target rates and inflation One of the main targets of every central bank is a low and stable inflation. It's main control variable is the overnight interest rate targ
Trends of Trade Shares: India's share in total world exports in 1950 was 1.85 percent and the share in total world imports was 1.7 1 percent. The share of both exports and imp
The below diagram demonstrates how all the variables are determined in classical model: Figure: Determination of all the variables in the classical model a) Start at
What are the costs of economic growth? Economic growth can result also into: • Increases within pollution noise and congestion • Unnecessary depletion of non-renewable r
what is fiscal policy?
Determination of all endogenous variables We can explain how all the endogenous variables are determined in below figure: Figure: The Keynesian model with the Phillips c
Which of the following statements BEST describes the Metzler paradox? a. Tariffs improve the imposing nation's terms of trade. b. Export subsidies hinder the imposing nation's term
what are the three motives of holding money?
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