We compare the macroeconomic consequences of several types of oil shocks across a set
of industrialized countries that are structurally very diverse with respect to the role of oil and …

Although oil price shocks have long been viewed as one of the leading candidates for
explaining US recessions, surprisingly little is known about the extent to which oil price …

Recent theoretical work suggests that oil price shocks may have an adverse impact on the
macroeconomy, not only because they increase the level of oil prices, but also because they …

In this paper we argue that an oil price change is likely to have greater impact on real GNP
in an environment where oil prices have been stable, than in an environment where oil price …

Drivers of real oil prices have been explored extensively in the literature with little
consensus. Using a new identification scheme based on forecast error variance, we identify …

In recent years, output responses to oil price shocks have not only been weaker, but have
also reached their trough earlier. This paper builds a model that incorporates a realistic …

We employ a set of sign restrictions on the impulse responses of a Global VAR model,
estimated for 38 countries/regions over the period 1979Q2–2011Q2, as well as bounds on …

During the first quarter of 2002, the price of crude oil averaged $19.67 per barrel. Four years
later, in the first quarter of 2006, the average price of oil had risen to $63 per barrel. Indeed …

Since the oil price shocks of the 1970s, several studies have found significant iepacts of oil
prices on eacro variables. However, it is particularly crucial to know how each eicro sector in …

This paper identifies the main driving force behind oil price shocks in 1970–2006 by
applying a simple identification strategy of supply-driven and demand-driven price shocks …