The DOI matches its Crossref record; 69 of the 69 references it cites were found in a registry or an index.
Oil Price Shocks and the Macroeconomy: What Has Been Learned Since 1996
Abstract
This paper reports on developments in theoretical and empirical understanding of the macroeconomic consequences of oil price shocks since 1996, when the U.S. Department of Energy sponsored a workshop summarizing the state of understanding of the subject. Four major insights stand out. First, theoretical and empirical analyses point to intra- and intersectoral reallocations in response to shocks, generating asymmetric impacts for oil price increases and decreases. Second, the division of responsibility for post-oil-price shock recessions between monetary policy and oil price shocks, has leaned heavily toward oil price shocks. Third, parametric statistical techniques have identified a stable, nonlinear, relationship between oil price shocks and GDP from the late 1940s through the third quarter of 2001. Fourth, the magnitude of effect of an oil price shock on GDP, derived from impulse response functions of oil price shocks in the GDP equation of a VAR, is around -0.05 and -0.06 as an elasticity, spread over two years, where the shock threshold is a price change exceeding a three-year high.
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Cited by
Relationships between oil price shocks and stock market: An empirical analysis from China
Cong, R.-G., Wei, Y.-M., Jiao, J.-L., & Fan, Y. (2008) · Energy Policy · doi:10.1016/j.enpol.2008.06.006 · Cited by 665
Crude oil and stock markets: Stability, instability, and bubbles
Miller, J. I., & Ratti, R. A. (2009) · Energy Economics · doi:10.1016/j.eneco.2009.01.009 · Cited by 658
Kilian, L., & Vigfusson, R. J. (2011) · Quantitative Economics · doi:10.3982/qe99 · Cited by 572
The effects of oil price shocks on the Iranian economy
Farzanegan, M. R., & Markwardt, G. (2009) · Energy Economics · doi:10.1016/j.eneco.2008.09.003 · Cited by 428
Energy supply security and geopolitics: A European perspective
Correljé, A., & van der Linde, C. (2006) · Energy Policy · doi:10.1016/j.enpol.2005.11.008 · Cited by 344
Metadata
- Authors
- Jones, D. W., Leiby, P. N., & Paik, I. K.
- Venue
- The Energy Journal
- Publisher
- SAGE Publications
- Published
- 2004-04
- Volume
- 25
- Issue
- 2
- Pages
- 1-32
- ISSN
- 0195-6574 (ISSN-L)
- 1944-9089
- OpenAlex
- W2148583898
- Cited by
- 494
- References
- 69
- FWCI
- 43.46
- Type
- journal article
- Language
- en
- Open access
- closed
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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