A Brief Empirical Note on the Impact of Crude Oil Prices on Domestic Inflation: The Case of the United States, 1965-1999
This empirical study for the period 1965-1999 finds that a higher percentage rate of increase in the price of crude oil acts to increase domestic inflation in the United States. However, whereas this impact is statistically significant, the magnitude of the impact is modest. Therefore, the monetary authority in the United States should be careful to not overreact with contractionary policies simply because oil price inflation increases.
Impact of oil price shocks on output, inflation and the real exchange rate: evidence from selected ASEAN countries
This article analyses the impact of oil price shocks on real output, inflation and the real exchange rate in Thailand, Malaysia, Singapore, the Philippines and Indonesia (ASEAN-5) using a Structural VAR model. The cointegration tests indicate that the macroeconomic variables of these countries are cointegrated and share common trends in the long run. The impulse response functions reveal that oil price fluctuations do not impact the ASEAN-5 economies in the long run and much of its effect is absorbed within five to six quarters. The variance decomposition results further assert that with a few exceptions oil price shocks do not explain a significant variation in any of the variables under consideration. We also identify a very unique pattern of response to oil price fluctuations between Malaysia and Singapore and between the Philippines and Thailand. The pairs exhibit a high degree of similarity in their responses; they do not share any commonalities across the group.
Severe Burns of the Hand: A Practical Guide to Their Management
Abstract Those who work regularly in burns units will be familiar with most of the contents of this paper, but it may be helpful for surgeons who treat hand burns less frequently outside this environment. Several reviews have appeared in recent years and this practical guide is intended to complement these (Salisbury, 1979; Leung and Chow, 1982; Madden and Enna, 1983; Groenevelt and Kreis, 1985; Levine and Buchanan, 1986; Silver, 1987; Grossman, 1990).