There has been a systematic increase in the volatility of the real price of crude oil since 1986, followed by a decline … in the volatility of oil production since the early 1990s. We explore reasons for this evolution. We show that a likely … explanation of this empirical fact is that both the short-run price elasticities of oil demand and of oil supply have declined …

A remarkable feature of the crude oil market is a dramatic rise in oil price volatility over time which has been … accompanied by a substantial fall in oil production volatility. We investigate the sources of this opposite evolution of both oil … market variables. Our main finding is that the observed volatility puzzle can be rationalized by the fact that the price …

In this work, we test the price sensitivity of sector indices to changes in the oil price over the period 2001 to 2021 … of the explanatory variables and show a non-linear relationship between the prices of oil and sector indices. Furthermore …, the results show that fluctuations in oil prices do not have a statistically significant impact on West African sectoral …

patterns in economic activity and inflation following oil price shocks in the euro area. In the normal regime, oil price shocks … direction as the oil price. The responses of inflation expectations and wage growth point to second-round effects as a potential …We investigate whether the response of the macro-economy to oil price shocks undergoes episodic changes. Employing a …

We compare the economic consequences of several types of oil shocks across a set of industrialized countries that are … structurally very diverse with respect to the role of oil and other forms of energy in their economy. We find considerably … different effects across countries, which crucially depend on the underlying source of the oil price shift. For oil demand …

This paper examines the impact of different types of oil price shocks on the U.S. economy, using a factor-augmented VAR … (FAVAR) approach. The results indicate that when examining the effects of oil price shocks, it is important to account for … the interaction between the oil market and the macroeconomy. I find that oil demand shocks are more important than oil …

We compare the economic consequences of several types of oil shocks across a set of industrialized countries that are … structurally very diverse with respect to the role of oil and other forms of energy in their economy. We find considerably … different effects across countries, which crucially depend on the underlying source of the oil price shift. For oil demand …

The effect that the recent decline in the price of oil has had on growth is far from clear, with many observers at odds … this puzzle by providing a systematic analysis of the effect of oil price shocks on growth for 72 countries comprising 92 ….8% of world GDP. We find that, on net, shocks driving the oil price in 2015 shaved off 0.2 percentage points of growth for …

This paper proposes a novel approach to study the macroeconomic effects of oil prices, exploiting institutional … identify an oil supply news shock. These shocks have statistically and economically significant effects. Negative news leads to … an immediate increase in oil prices, a gradual fall in oil production and an increase in inventories. This has …