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.
Solidarity. Reflections on an Emerging Concept in Bioethics. Summary
1. References to solidarity are currently on the increase in public discourse. In the UK and beyond, during economic crises and in a political climate where many feel that mutual assistance has lost currency, calls for a new and forceful emphasis on the meaning of solidarity are increasingly heard. Such appeals to solidarity are inevitably linked to ideas about how societies function, and about how and where the boundary between individual, familial, communal and societal spheres of responsibilities should be drawn.