The aim of this paper is to investigate how major net oil exporter economies react to oil price shocks. We contribute to the literature by considering, at the same time, the possible nonlinearity and asymmetry of this relationship with respect to sign, size and causes of the oil price shocks, as...

Global growth has slowed down recently. While the world economy should gradually regain pace over the coming quarters, overall growth momentum is expected to remain subdued. The recent drop in oil prices has not improved the outlook as it to a substantial degree signals weaker demand;...