This paper investigates the global macroeconomic consequences of country-specific oil-supply shocks. Our contribution is both theoretical and empirical. On the theoretical side, we develop a model for the global oil market and integrate this within a compact quarterly model of the global economy...

This study investigates the asymmetric effects of oil price shocks on income in a a cointegration framework. Employing the nonlinear auto-regressive distributed lag (NARDL) approach, we show the asymmetric responses of income to changes (shocks) in oil prices in the long-run. More specifically,...

Since 2015, Saudi Arabia has led a foreign military intervention against the Houthi movement, which took over major parts of Yemen. The intervention, which manifests mainly in airstrikes, has attracted widespread controversy in media and politics as well as a large body of (qualitative) academic...