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 …

A considerable body of economic literature shows the adverse economic impacts of oil-price
shocks for the developed economies. However, there has been a lack of similar empirical …

This paper considers the macroeconomics of the oil price for the United States. It
investigates the impact of large oil price hikes in a standard VAR framework by introducing a …

Shocks to the real price of oil may reflect oil supply shocks, shocks to the global demand for
all industrial commodities, or demand shocks that are specific to the crude oil market. Each …

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 …

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 …

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 …

Oil prices have dropped more than 50 percent since mid-2014. Establishing whether
demand or supply factors lie behind this slump is possibly useful for understanding its …

Over the past twenty years, dozens of scholars have explored the relationships between oil
price shocks and the macroeconomic performance of national economies. Different methods …

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 …