Facing Oil Uncertainty in Venezuela: An Optimal Spending Rule with Liquidity Constraints and Adjustment CostsDepartment of Economic and Social Development, Inter-American Development Bank, 1992 - 84 páginas |
Términos y frases comunes
absorption absorption costs agents assets assume barrels budget Bust CHI-SQUARED Test coefficient default costs descriptive statistics Devn distribution DLwti Durbin-Watson statistics econometric economy equation equilibrium estimate Excess Kurtosis Minimum expected fiscal function g¹t given government spending growth Hence Hotelling's rule implies income stream initial fund level Inter-American Development Bank international reserves jump diffusion process liquidity constraints log changes log differences macroeconomic monthly data negative shocks net present value non-oil non-stationary oil exports oil income uncertainty oil industry oil prices oil reserves oil revenue optimal spending output player positive shocks predictability problem quarterly reduce rent-seeking risk saving rate secondary adjustment costs sector serial correlation Six Moments spending commitment spending rule stabilization fund standard adjustment costs statistics steady stochastic process strategic interaction T-Statistic Table Test for NORMALITY tradeables utility variables variance Venezuela West Texas Intermediate WTI price zero