| Summary: | 碩士 === 國立臺灣大學 === 國際企業學研究所 === 94 === The numerous discussion of the relation between crude oil and macroeconomy arose from the two oil crises and the recent high oil price. Nevertheless, the number of studies investigating the effect of oil price shocks on small open industrial economies without oil resources has been rather small. This paper attempts to provide a perspective towards filling the gap by undertaking a detail examination of the effect of oil price fluctuations on the Korea economy. Since Hamilton (1983) and Hooker (1996) offered the different points of views on the oil price-economy relationship, this paper constructs three models which use Hamilton’s approach, Hooker’s approach and a typical VECM model. The results from the VECM model indicate that oil prices Granger cause CPI and real wage, but GDP, imported price index, unemployment rate and money supply do not have this characteristic. In doing so, we first review some of the theoretical issues in the economics of oil price in Chapter 2 of this thesis. In Chapter 3, we explain the methodology we used in the thesis. In Chapter 4, we examine the existence (or lack thereof) of Granger-causal relationships between oil price fluctuations and a large number of Korea macroeconomic variables. Chapter 5 concludes.
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