This paper investigates the global macroeconomic consequences of country-specific oil-supply shocks. Our contribution … markets can be used to identify country-specific oil-supply shocks. On the empirical side, estimating the GVAR-Oil model for … 27 countries/regions over the period 1979Q2 to 2013Q1, we show that the global economic implications of oil-supply shocks …

countries/regions over the period 1979-2011Q2, to discriminate - between supply-driven and demand-driven oil-price shocks and to …-consequences of a supply-driven oil-price shock are very different from those of an oil-demand shock driven by global economic …-lived fall in economic activity in response to a supply-driven surge in oil prices, the impact is positive for energy …

We focus on the implications of the shale oil boom for the global supply of oil. We begin with a stylized model with …, competing á la Stackelberg. We find that the supply function is atter for the high cost producer, and that the supply function … structural VAR of the oil market. A main finding is that global oil supply is rather vertical, practically all the time. Moreover …

of the short-run price elasticity of crude oil supply at the country level. I find that oil producers hardly respond to … demand shocks within the same month, and that the corresponding impact price elasticities of supply are not statistically … sample period, OPEC members seem to curtail production, whereas non-OPEC supply expands significantly. Flow and speculative …

functions (IRFs) to identify two types of negative oil price shocks, resulting from demand or supply changes, as well as …

compared to equity prices). On the supply side, the effects of lower oil prices differ widely across the different oil … raising production. Taking demand and supply adjustments to oil price changes as a whole, we conclude that oil markets …

compared to equity prices). On the supply side, the effects of lower oil prices differ widely across the different oil … raising production. Taking demand and supply adjustments to oil price changes as a whole, we conclude that oil markets …

compared to equity prices). On the supply side, the effects of lower oil prices differ widely across the different oil … raising production. Taking demand and supply adjustments to oil price changes as a whole, we conclude that oil markets …

compared to equity prices). On the supply side, the effects of lower oil prices differ widely across the different oil … raising production. Taking demand and supply adjustments to oil price changes as a whole, we conclude that oil markets …