In recent years, our understanding of the nature of energy price shocks and their effects on
the economy has evolved dramatically. Only a few years ago, the prevailing view in the …

Research on oil markets conducted during the last decade has challenged long-held beliefs
about the causes and consequences of oil price shocks. As the empirical and theoretical …

We replicate and update the results of Kilian (2009) to include the period since the financial
crisis. We separate the drivers of the price of crude oil shocks into three components: oil …

Sectoral responses to oil price shocks help determine how these shocks are transmitted
throughout the economy. Textbook treatments of oil price shocks often emphasize negative …

This paper reports on developments in theoretical and empirical understanding of the
macroeconomic consequences of oil price shocks since 1996, when the US Department of …

It has been 40 years since the oil crisis of 1973/74. This crisis has been one of the defining
economic events of the 1970s and has shaped how many economists think about oil price …

Our understanding of the sources of oil price fluctuations and their effects on the US
economy has undergone important transformations in the last decades. First, several studies …

Although average world crude oil prices have risen more than $30 per barrel since the end
of 2001, the US economy has remained strong, growing at about 3.5% annually over this …

Oil price shocks continue to provide surprises, even with known driving factors. Unlike
previous studies limited in original holistic time horizons, we examine impacts of oil supply …

The paper introduces a new measure that jointly identifies and disentangles the oil supply
shocks of crude oil into exogenous and endogenous, by quantifying the positive and …