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 …

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 …

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 …

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 …

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 …

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 …

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 characterize the macroeconomic performance of a set of industrialized economies in the
aftermath of the oil price shocks of the 1970s and of the last decade, focusing on the …

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 …

This paper offers a plausible explanation for the close link between oil prices and aggregate
macroeconomic performance in the 1970s. Although this link has been well documented in …