We compare the macroeconomic consequences of several types of oil shocks across a set of industrialized countries that are structurally very diverse with respect to the role of oil and other forms of energy in the economy. The results crucially depend on the underlying source of the oil price...

A longstanding question in macroeconomics is whether fuel prices react more to increases than to decreases of the price of oil. This paper analyzes the response of weekly gasoline and gasoil prices to oil prices in the U.S., the euro area and the four largest euro area countries (Germany,...

We reconsider the conclusions about the importance of oil demand shocks and the unimportance of supply shocks reported by Kilian (2009). We investigate whether the proxy for worldwide real economic activity, dry bulk maritime freight costs, represents anything more than transportation costs by...

This study attempts to contribute to the literature on stock markets and energy prices by examining the dynamic volatility and volatility transmission between oil and Ghanaian stock market returns in a multivariate setting using the recently developed VAR–GARCH, VAR–AGARCH and DCC–GARCH...

Although studies have found an asymmetric pattern in the response of aggregate output to oil price changes, parallel studies in stock markets have not been conclusive about their existence. This paper finds evidence that effects for oil-importing and oil-exporting countries run in opposite...

Applying sector stock prices and oil prices in 1991:01–2009:05 from the G7 countries we find oil price shocks do not significantly impact the composite index in each country. However, stock price changes in Germany, the UK and the US were found to lead oil price changes.

This paper investigates the relationship between oil prices and the Chinese stock market at the sector level. In a panel cointegration and Granger causality framework, the major sectors in China are studied using data collected from July 2001 to December 2010. When the effects of cross-sectional...

While two different streams of literature exist investigating 1) the relationship between oil prices and emerging market stock prices and 2) the relationship between oil prices and exchange rates, relatively little is known about the dynamic relationship between oil prices, exchange rates and...

Examining stationarity is of particular importance and represents the first step in empirical time-series research. Non-stationarity invalidates many of the results obtained from standard techniques and, therefore, requires special treatment. Because oil prices play an important role in...

This article analyses the determinants of renewable energy consumption in a panel of six major emerging economies, namely Brazil, China, India, Indonesia, Philippines and Turkey that are proactively accelerating the adoption of renewable energy. Using Fully modified ordinary least square...