the shock. In particular, we find that adverse shocks to Iranian oil output are neutralized in terms of their effects on … contrast, a negative shock to oil supply in Saudi Arabia leads to an immediate and permanent increase in oil prices, given that … supply shock has significant adverse effects for the global economy with real GDP falling in both advanced and emerging …

-identification of the U.S. oil supply shock is achieved through imposing dynamic sign restrictions on the impulse responses of the model …-driven oil price shock, with real GDP increasing in both advanced and emerging market oil-importing economies, output declining …

-identification of the U.S. oil supply shock is achieved through imposing dynamic sign restrictions on the impulse responses of the model …-driven oil price shock, with real GDP increasing in both advanced and emerging market oil-importing economies, output declining …

, for instance, sanctions, wars, or natural disasters) vary considerably depending on which country is subject to the shock … negative shock to oil supply in Saudi Arabia leads to an immediate and permanent increase in oil prices, given that the loss in … Saudi Arabian production is not compensated for by the other oil producers. As a result, a Saudi Arabian oil supply shock …

the shock. In particular, we find that adverse shocks to Iranian oil output are neutralized in terms of their effects on … contrast, a negative shock to oil supply in Saudi Arabia leads to an immediate and permanent increase in oil prices, given that … supply shock has significant adverse effects for the global economy with real GDP falling in both advanced and emerging …

the shock. In particular, we find that adverse shocks to Iranian oil output are neutralized in terms of their effects on … contrast, a negative shock to oil supply in Saudi Arabia leads to an immediate and permanent increase in oil prices, given that … supply shock has significant adverse effects for the global economy with real GDP falling in both advanced and emerging …

after the shock). We then re-examine the effects of low oil prices on the US economy over different sub-periods using …

) positive shock to country-level investment together, (ii) a negative shock to oil price and (iii) positive shock to …