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 …

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 …

The analysis explains how previous oil shocks have affected real US income. Real income
differs from aggregate economic output (GDP) because it includes the purchasing power …

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 …

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 …

Oil prices are found to exert nonlinear effects on major advanced economies. Real output's
reaction is much more visible during the periods of high oil prices of the mid-1970s and early …

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 …

Following the exisiting literature, we present the most up-to-date estimates of oil shocks and
the response of the US economy. Regardless of model specifications, oil supply shocks …

The relationship between the price of oil and the level of economic activity is a fundamental
empirical issue in macroeconomics. Hamilton (1983) showed that oil prices had significant …

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 …