overwhelmingly large. This finding is also confirmed under different identification strategies for the monetary policy shock …

restrictions. It introduces a new indicator for oil demand, and uniquely, performs a sign restriction set-up with a penalty … underline the importance of the source of an oil shock for its macroeconomic consequences. Oil supply shocks have been less … relevant in driving real oil prices, and had less of an effect on US inflation than demand shocks. Overall, the effects of oil …

regions with widening imbalances, the United States and emerging Asia, using sign restrictions that are compatible with … imbalances in the US and emerging Asia than a quot;savings glutquot …

significant and large economically. On average, global equity market valuations correct by about 20% in the month when a shock …

overwhelmingly large. This finding is also confirmed under different identification strategies for the monetary policy shock. …

demand and supply shocks. The results show that higher macroeconomic uncertainty, as measured by higher world industrial … elasticity of oil demand and supply in the uncertain regime, or in other words, that both oil curves become steeper when … uncertainty is high. The difference in oil demand elasticities is both statistically and economically meaningful. Accordingly …