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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

This paper investigates how explicit structural shocks that characterize the endogenous
character of oil price changes affect stock-market returns in a sample of eight countries …