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.
The Journal of Economics, Race and Policy is soliciting manuscripts for a special issue on the COVID-19 pandemic. As the focus of the journal is the intersection of local and global issues concerning economic conditions around race, ethnicity, gender, linguistic, and tribal differences along with policy prescriptions that address economic disparities, we seek papers that consider COVID-19 within this context. The manuscripts can be theoretical, empirical, or descriptive.
To be considered for publication in the special issue, please submit your proposed paper abstract of no more than 250 words to firstname.lastname@example.org. Invited authors will need to submit completed manuscripts, not exceeding 7,000 words, via JERP’s online submission portal no later than August 1, 2020 for the highest consideration. All submissions will be peer-reviewed.
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