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metadata language: English

Replication data for: Oil and Macroeconomic (In)stability

Version
1
Resource Type
Dataset
Creator
  • Bjørnland, Hilde C.
  • Larsen, Vegard H.
  • Maih, Junior
Publication Date
2017-12-31
Description
  • Abstract

    We analyze the role of oil price volatility in reducing U.S. macroeconomic instability. Using a Markov Switching Rational Expectation New-Keynesian model we revisit the timing of the Great Moderation and the sources of changes in the volatility of macroeconomic variables. We find that smaller or fewer oil price shocks did not play a major role in explaining the Great Moderation. Instead oil price shocks are recurrent sources of economic fluctuations. The most important factor reducing overall variability is a decline in the volatility of structural macroeconomic shocks. A change to a more responsive (hawkish) monetary policy regime also played a role.
Availability
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Relations
  • Is supplemented by
    DOI: 10.1257/mac.20150171 (Text)
Publications
  • Bjørnland, Hilde C., Vegard H. Larsen, and Junior Maih. “Oil and Macroeconomic (In)Stability.” American Economic Journal: Macroeconomics 10, no. 4 (October 2018): 128–51. https://doi.org/10.1257/mac.20150171.
    • ID: 10.1257/mac.20150171 (DOI)

Update Metadata: 2019-10-13 | Issue Number: 1 | Registration Date: 2019-10-13

Bjørnland, Hilde C.; Larsen, Vegard H.; Maih, Junior (2017): Replication data for: Oil and Macroeconomic (In)stability. Version: 1. ICPSR - Interuniversity Consortium for Political and Social Research. Dataset. http://doi.org/10.3886/E114121V1