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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …