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

The role that the price of oil plays in economic analysis in central banks as well as in financial markets has evolved … over time. Oil is not seen anymore just as a input to production but also as a barometer of global economic activity as … well as a financial asset. A high frequency structural decomposition of the price of oil can therefore inform on the state …

We investigate whether the response of the macro-economy to oil price shocks undergoes episodic changes. Employing a … patterns in economic activity and inflation following oil price shocks in the euro area. In the normal regime, oil price shocks … trigger only limited and short-lived adjustments in these variables. In the adverse regime, by contrast, oil price shocks are …

volatility from sectoral shocks, (ii) amplifies both the “granular” and the “network” effects, (iii) alters the identity and …

production volatility, significantly increases the responsiveness of oil prices to oil shocks. This implies a lower price … volatility. Also the impact of oil shocks on economic activity appears to be significantly stronger in uncertain times …This paper evaluates whether macroeconomic uncertainty changes the impact of oil shocks on the oil price. Using a …

of economic activity affect individual non-energy commodity prices, but we fail to find strong spillovers from oil to non-oil …