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 to illustrate how our multi-country approach to modelling oil …

Hurricanes disrupt oil production in the Gulf of Mexico because producers shut in oil platforms to safeguard lives and … prevent damage. We examine the effects of these temporary oil supply shocks on real economic activity in the United States. We … find no evidence that temporary oil supply shocks affect state-level employment or indirectly affect industrial production …