countries react to oil price shocks come from the source of the shock rather than by the group which the countries belong to …

demand and supply shocks. The results show that higher macroeconomic uncertainty, as measured by higher world industrial …

cause since the 1970s has been from a global oil demand shock. This paper examines whether the macroeconomic responses to a … global oil demand shock are greater than to oil price shocks caused by other oil market factors. Estimating a four … oil demand shock are greater than from other oil market shocks. Policymakers should not necessarily be concerned with the …

, and Turkey). The results showed that all these countries importing oil face a negative supply shock, except Turkey which … benefits directly from an oil price shock. Furthermore, the indirect effect coefficient received through trade for all these …