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 reports on developments in theoretical and empirical understanding of the
macroeconomic consequences of oil price shocks since 1996, when the US Department of …

Recent theoretical work suggests that oil price shocks may have an adverse impact on the
macroeconomy, not only because they increase the level of oil prices, but also because they …

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 …

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 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 …

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 …

Important interaction has been established for US economic policy uncertainty with a
number of economic and financial variables including oil prices. This paper examines 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 …

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 …