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Katsuya Ito
''The Impact of Oil Price Shocks on the Iranian Economy: New evidence''
( 2012, Vol. 32 No.3 )
In a cointegrated VAR model we examined the relationship between oil price and macroeconomy in Iran, which is the third largest oil exporter in the world. The sample is quarterly data, ranging from 1994:1 to 2007:4. We find that an increase in real oil prices by 1% is associated with a 0.30% increase in real GDP in the long run, whereas the short-run impact is marginal.
Keywords: Iran, oil prices, cointegration
JEL: Q4 - Energy: General
Manuscript Received : Feb 04 2012 Manuscript Accepted : Aug 07 2012

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