The DOI matches its Crossref record; 41 of the 41 references it cites were found in a registry or an index.
Cross-country differences in the effects of oil shocks
Abstract
We compare the economic consequences of several types of oil shocks across a set of industrialized countries that are structurally very diverse with respect to the role of oil and other forms of energy in their economy. We find considerably different effects across countries, which crucially depend on the underlying source of the oil price shift. For oil demand shocks driven by global economic activity and oil-specific demand shocks, all countries experience respectively a temporary increase and transitory decline of real GDP following the oil price increase. The role of oil and other forms of energy seems not to matter to explain cross-country differences for the consequences of both shocks. This role, however, is very important to explain asymmetries in the effects of exogenous oil supply shocks. Whereas net oil and energy-importing countries all face a permanent fall in economic activity, the impact is insignificant or even positive in net energy-exporting countries. In addition, countries that improved their net energy-position the most over time, became less vulnerable to oil supply and oil-specific demand shocks, relative to other countries.
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Cites
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Error Bands for Impulse Responses
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Cited by
WHY AGNOSTIC SIGN RESTRICTIONS ARE NOT ENOUGH: UNDERSTANDING THE DYNAMICS OF OIL MARKET VAR MODELS
Kilian, L., & Murphy, D. P. (2012) · Journal of the European Economic Association · doi:10.1111/j.1542-4774.2012.01080.x · Cited by 544
Oil shocks, policy uncertainty and stock market return
Kang, W., & Ratti, R. A. (2013) · Journal of International Financial Markets, Institutions and Money · doi:10.1016/j.intfin.2013.07.001 · Cited by 503
Oil prices and inflation dynamics: Evidence from advanced and developing economies
Choi, S., Furceri, D., Loungani, P., Mishra, S., & Poplawski-Ribeiro, M. (2018) · Journal of International Money and Finance · doi:10.1016/j.jimonfin.2017.12.004 · Cited by 336
Oil price elasticities and oil price fluctuations
Caldara, D., Cavallo, M., & Iacoviello, M. (2019) · Journal of Monetary Economics · doi:10.1016/j.jmoneco.2018.08.004 · Cited by 309
The Great Plunge in Oil Prices: Causes, Consequences, and Policy Responses
Baffes, J., Kose, M. A., Ohnsorge, F., & Stocker, M. (2015) · SSRN Electronic Journal · doi:10.2139/ssrn.2624398 · Cited by 266
Metadata
- Authors
- Peersman, G., & Van Robays, I.
- Venue
- Energy Economics
- Publisher
- Elsevier BV
- Published
- 2012-09
- Volume
- 34
- Issue
- 5
- Pages
- 1532-1547
- ISSN
- 0140-9883 (ISSN-L)
- OpenAlex
- W3123883951
- Cited by
- 265
- References
- 41
- FWCI
- 27.37
- Type
- journal article
- Language
- en
- Open access
- closed
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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