What a great way to start the new year! Happy to see my paper “Oil Shocks and the U.S. Economy in a Data-rich Model” with Kuhelika De and Dan Giedeman has been accepted at Economic Modelling. Big thanks to Kuhelika for leading the way on this paper!!
A great few days taking in the Defence and Security Economics Workshop. Very much enjoyed discussing the work of Victor Munro (NPSIA) on extremist insider threats. As always big thanks to Karl Skogstad (Lakehead) and Ugurhan Berkok (RMC) for organizing the event. Hope to see everyone in Ottawa in 2022.
Johnny Ducking and I are co-editing a special issue of the Journal of Economics, Race, and Policy which will look at current and historical issues that intersect economics with race or gender, and sports. The intention is that this call for papers will seek scholarly work on a range of topics that relate to gender or race in professional as well as amateur sports, which include both the traditional North American big-4 sports of football, baseball, basketball, and hockey as well as international sports. The call is open to, but not limited to, studies which explore access and equality of opportunities and outcomes in sports, how sports teams and associations have tried to increase the diversity of their sport and fan base, and the socioeconomic ramifications of those actions. More information can be found in the call for papers.
My paper “Macroeconomic Shocks and Racial Labour Market Differences” is now forthcoming at the Southern Economic Journal. This is coauthored with Kuhelika De (GVSU), Dan Giedeman (GVSU), and Gary Hoover (Tulane). This was my first time working with Kuhelika, big thanks to her for being a great coauthor and for all her work on this paper!!
Today’s workshop was a great way to spend the morning!! Big thanks to Karl Skogstad for presenting our paper “Canadian Military Expenditure and Defence Policy: 1990-2020” at the workshop, and thank you to Craig Stone and Peter Robertson for your suggestions and comments. Looking forward to seeing everyone in person in Ottawa this October!
Thank you to Rhet Smith and everyone in the economics and finance department at the University of Arkansas (Little Rock) for their great feedback on my paper “Macroeconomic Shocks and Racial Labour Market Differences”, which was presented today (spearheaded by Kuhelika De) in their department seminar series.
We investigate the economic eﬀects of three separate types of oil price shocks on the U.S. economy using a factor augmented vector autoregression framework and 185 monthly macroeconomic indicators from 1978 to 2017. We ﬁnd that while increases in the price of crude oil triggered by oil supply shocks and oil demand shocks lead to a signiﬁcant and permanent increase in the U.S. price level, the main drivers of ﬂuctuations in the price of crude oil and the U.S. price level are oil-speciﬁc precautionary demand shocks. Further, while increases in the price of oil triggered by oil supply shocks are recessionary and lower U.S. economic activity, those triggered by oil demand shocks driven by global economic activity are associated with increased U.S. economic activity. We also ﬁnd evidence that monetary policy-makers tighten monetary policy in response to oil demand shocks to mitigate inﬂationary eﬀects, however we ﬁnd no such evidence for oil supply shocks. Finally, we ﬁnd the U.S. dollar real exchange rate depreciates in response to increases in the price of oil caused by both oil demand and supply shocks, however the eﬀects from oil supply shocks are more permanent.