Turkish study shows economic impact of oil shocks
A study by the Central Bank of Turkey published this month analyses the effects of an oil supply shock, an aggregate demand shock, and a precautionary oil demand shock on global oil prices.
The rapid increases in world oil prices have rekindled interest in the macroeconomic effects of oil price shocks. The paper attempts to uncover the accompanying effects of oil price changes, their international transmission mechanisms and the macroeconomic consequences of these shocks in a small open economy
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