-region DSGE model (UnitedStates, OPEC, rest-of-world) in corporating two sectors (manufacturing and services) in the oil …This paper studies the ability of manufacturing-specific shocks to explain global oil prices. In an estimated three …-importing economies and featuring cross-border manufacturing supply chains, oil inventories as well as endogenous oil supply, such shocks …

Empirical evidence indicates that high oil price volatility has a dampening effect on output in countries that import … of commodity price volatility in commodity exporting countries accounting for both oil and non-oil commodities. To that … significant negative impact of price volatility on real output for oil exporters. Our results for exporters of other commodities …

We assess the transmission of monetary policy shocks on oil prices using a VAR model. We identify monetary policy and … financial activity shocks disentangled from demand and oil supply shocks using sign restrictions. We obtain the following main … findings. (i) Monetary policy and financial activity shocks both have a significant effect on the oil price. (ii) Monetary …