The Asymmetric Effects of Oil Price Shocks on Aggregate Demand for Goods and Services in Ghana

Table 1

Dynamic asymmetric estimation of disaggregated aggregate demand and oil price shocks (final specifications).

	Model 1 (GDP)	Model 2 (CON)	Model 3 (PINV)	Model 4 (GOV)	Model 5 (IMP)
	-0.319	-0.989	-0.219	-0.185	-0.891
	(0.102)	(0.359)	(0.154)	(0.110)	(0.230)
	0.0733	0.163	0.145	0.0965	0.288
	(0.0239)	(0.0731)	(0.0949)	(0.0588)	(0.101)
	0.00292	-0.0963	-0.0188	0.00532	0.106
	(0.0159)	(0.0446)	(0.0761)	(0.0449)	(0.0949)
	0.151	0.219	-0.294	0.0519	0.307
	(0.172)	(0.244)	(0.186)	(0.182)	(0.168)
	-0.0191	0.200	0.261	-0.000468	0.518
	(0.0414)	(0.129)	(0.253)	(0.140)	(0.238)
	-0.0800	0.0164	0.125	0.0430	0.157
	(0.0248)	(0.0776)	(0.156)	(0.0894)	(0.134)
	-0.0719	0.0280	-0.265	-0.301	-0.390
	(0.0385)	(0.0892)	(0.251)	(0.136)	(0.185)
	-0.0353	0.166	-0.678	-0.0127	0.0926
	(0.0397)	(0.0852)	(0.255)	(0.144)	(0.194)
LRM2	0.119	0.185			0.571
	(0.0414)	(0.0790)			(0.214)
FB					-0.0252
					(0.0120)
Constant	4.636	17.97	4.088	3.542	6.464
	(1.628)	(6.719)	(3.012)	(2.192)	(2.886)
-sq.	0.739	0.577	0.595	0.444	0.654
Adj. -sq.	0.582	0.323	0.376	0.145	0.424
AIC	-159.0	-90.72	-8.225	-52.06	-31.26
BIC	-131.6	-63.30	17.48	-26.36	-2.132
	4.714	2.274	2.724	1.485	2.839
Obs.	41	41	41	41	41

Standard errors in parentheses, and . represents the dependent variable in each case.