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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Detalhes bibliográficos
Autor principal: Alarcon Galarza, Juan Carlos (author)
Outros Autores: Molero García, Juan Carlos (author), Pérez de Gracia, Fernando (author)
Formato: article
Idioma:spa
Publicado em: 2019
Assuntos:
oil price shock
economic growth
inflation
Brazil
Colombia
Peru
VAR
Acesso em linha:https://estudioseconomicos.bce.fin.ec/index.php/RevistaCE/article/view/72
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Resumo: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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