The Macroeconomic Effects of Oil Shocks in Three Latin American Economies

The Macroeconomic Effects of Oil Shocks in Three Latin American Economies

In this paper we study the impact of oil price shocks on real economic activity and inflation rates in three Latin American economies (Brazil, Colombia and Peru)  using a Vector AutoRegressive (VAR) model over the period 1991:M01-2014:M01. We also consider different oil shock specification....

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Auteur principal: Alarcon Galarza, Juan Carlos (author)
Autres auteurs: Molero García, Juan Carlos (author), Pérez de Gracia, Fernando (author)
Format: article
Langue:spa
Publié: 2019
Sujets:
oil price shock
economic growth
inflation
Brazil
Colombia
Peru
VAR
Accès en ligne:https://estudioseconomicos.bce.fin.ec/index.php/RevistaCE/article/view/72
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Résumé:In this paper we study the impact of oil price shocks on real economic activity and inflation rates in three Latin American economies (Brazil, Colombia and Peru)  using a Vector AutoRegressive (VAR) model over the period 1991:M01-2014:M01. We also consider different oil shock specification. We find a strong and prolonged increase in inflation in Brazil after al oil price shock and negative effect with respect to economic growth. We find less significant results for Colombia and Peru that can be explained by the distorted pass-through of oil price shocks to domestic prices.

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