The purpose of this study is to examine the impact of oil price shocks on economic activity. A dynamic stochastic general equilibrium model was applied to verify the role of international financial integration in a New Keynesian model when the oil price shocks hit the economic system. The key findings show that more financial integration tends to dampen the effect of an increase in the oil price than less financial integration. The sensitivity analysis shows that increased elasticity of substitution between oil and domestic goods allows importing countries to reduce their dependence on oil. Financial integration plays an important role in reducing the oil shock effect.

中文翻译：

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能源价格冲击和金融市场一体化：来自新凯恩斯主义模型的证据

本研究的目的是检验油价冲击对经济活动的影响。应用动态随机一般均衡模型验证了国际金融一体化在新凯恩斯主义模型中在油价冲击经济体系时的作用。主要研究结果表明，与金融一体化程度较低相比，更多的金融一体化往往会抑制油价上涨的影响。敏感性分析表明，石油和国内商品之间替代弹性的增加使进口国能够减少对石油的依赖。金融一体化在减少石油冲击效应方面发挥着重要作用。