SVAR models that include a single world price (such as the terms-of-trade) predict that world shocks explain a small … multiple commodity prices transmit world disturbances. Estimates on a panel of 138 countries over the period 1960-2015 indicate … that world shocks explain on average 33 percent of output fluctuations in individual economies. This figure doubles when …

. To achieve this goal, we decompose an oil price shock to its underlying components, including macroeconomics and oil … functions, the response of volatility of each commodity to an oil price shock differs significantly depending on the underlying … cause of the shock for the both pre and post-crisis periods. moreover, according to variance decomposition the explanatory …