CRUDE OIL PRICE SHOCKS AND GROSS DOMESTIC PRODUCT

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Title: CRUDE OIL PRICE SHOCKS AND GROSS DOMESTIC PRODUCT
Author: Hernandez, Jordan
Abstract: This study uses ordinary least squares estimation to test multivariate models in order to find out whether or not crude oil price shocks are contractionary and negatively impact the macroeconomy . Variables are annual and pertain to different aspects of crude oil and how they affect real gross domestic product (GDP ) . It is predicted that increases in domestic and imported crude oil prices negatively affect real GDP by decreasing not only energy consumption but the consumption of other goods and services as well . It is found that the initial hypothesis is partially correct . While increases in imported oil prices do decrease real GDP , increases in domestic oil prices actually increase real GDP . Additionally , as predicted , consumption other than energy is affected by crude oil price shocks and causes real GDP to contract .
URI: http : / /hdl .handle .net /10657 /ETD -UH -2012 -08 -581
Date: 2012-09-28

Citation

CRUDE OIL PRICE SHOCKS AND GROSS DOMESTIC PRODUCT. Master's thesis, University of Houston. Available electronically from http : / /hdl .handle .net /10657 /ETD -UH -2012 -08 -581 .

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