Evaluation of a DSGE Model of Energy in the United Kingdom Using Stationary Data
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I examine the impact of energy price shock (oil prices shock and gas prices shock) on the economic activities in the United Kingdom using a dynamic stochastic general equilibrium model with a New Keynesian Philips Curve. I decomposed the changes in output caused by all of the stationary structural shocks. I found that the fall in output during the financial crisis period is driven by domestic demand shock, energy prices shock and world demand shock. I found the energy prices shock’s contribution to fall in output is temporary. Such that, the UK can borrow against such a temporary fall. This estimated model can create additional input to the policymaker’s choice of models.
Aminu, N. (2017) 'Evaluation of a DSGE Model of Energy in the United Kingdom Using Stationary Data', Computational Economics, 47, pp.1-36
This article was published in Computational Economics on 09 February 2017, available open access at http://dx.doi.org/10.1007/s10614-017-9657-9
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