economicconsequences of a supply-driven oil-price shock are very different from those of an oil-demand shock driven by global economic … countries/regions over the period 1979Q2–2011Q2, to discriminatebetween supply-driven and demand-driven oil-price shocks and to …-2008 -- Figures -- 1. Persistence Profiles of the Effect of a System-wide Shock to the Cointegrating Relations -- 2. Impact of Oil-Supply …

demand shocks within the same month, and that the corresponding impact price elasticities of supply are not statistically … different from zero. Although there is little evidence of a systematic response following a typical flow demand shock, the … medium-run responses to a speculative demand shock differ between OPEC and non-OPEC producers, i.e., on average over the …