Meenagh, David
[VerfasserIn]
;
Minford, Patrick
[Sonstige Person, Familie und Körperschaft];
Oyekola, Olayinka
[Sonstige Person, Familie und Körperschaft]
Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments November 1, 2015 erstellt
Beschreibung:
We provide a structural investigation and interpretation of the questions: What is the origin of business cycle fluctuations? What is the main source of recessions, in particular, since the early 1970s? Are there energy business cycles? Indirect Inference estimation of a two-sector dynamic stochastic general equilibrium (DSGE) model with energy use in production is employed for this purpose, with a historical decomposition of output used to summarise our findings. According to the estimated model, the contribution of energy price shocks itself to the last five US recessions is small and negligible. Whereas, over the same 1970-2012 period, sectoral energy-input efficiency shocks and the exogenous world price of imported energy-intensive goods play dominant roles in causing declines in output