the shock. In particular, we find that adverse shocks to Iranian oil output are neutralized in terms of their effects on … contrast, a negative shock to oil supply in Saudi Arabia leads to an immediate and permanent increase in oil prices, given that … supply shock has significant adverse effects for the global economy with real GDP falling in both advanced and emerging …

demand and supply shocks. The results show that higher macroeconomic uncertainty, as measured by higher world industrial …

multiple channels to energy shocks, even though electricity and gas bills represent a very small share of their total costs … pass-through the cost shock fully on their export prices. Their production, exports and employment fall. A consequence of … most energy intensive firms. We also find that the impact of electricity shocks has weakened over time, suggesting that …

efficiency improvements are policy-induced in certain regions of the world. We are especially interested in feedback mechanisms …