Detalle Publicación


The macroeconomic effects of oil shocks in three Latin American economies

Autores: Alarcon Galarza, Juan Carlos; Molero García, Juan Carlos; Pérez de Gracia Hidalgo, Fernando
Título de la revista: CUESTIONES ECONOMICAS
ISSN: 0252-8673
Volumen: 26
Número: 2
Páginas: 141 - 167
Fecha de publicación: 2016
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 specifications. We find a strong and prolonged increase in inflation in Brazil after an oil price shock and a 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.