American economic journal. Macroeconomics, 2013-10, Vol.5 (4), p.1-28
2013
Details
- Autor(en) / Beteiligte
- Titel
- Time-Varying Effects of Oil Supply Shocks on the US Economy
- Ist Teil von
- American economic journal. Macroeconomics, 2013-10, Vol.5 (4), p.1-28
- Ort / Verlag
- Pittsburgh: American Economic Association
- Erscheinungsjahr
- 2013
- Link zum Volltext
- Quelle
- Alma/SFX Local Collection
- Beschreibungen/Notizen
- Using time-varying BVARs, we find a substantial decline in the shortrun price elasticity of oil demand since the mid-1980s. This finding helps explain why an oil production shortfall of the same magnitude is associated with a stronger response of oil prices and more severe macroeconomic consequences over time, while a similar oil price increase is associated with smaller output effects. Oil supply shocks also account for a smaller fraction of real oil price variability in more recent periods, in contrast to oil demand shocks. The overall effects of oil supply disruptions on the US economy have, however, been modest.
- Sprache
- Englisch
- Identifikatoren
- ISSN: 1945-7707eISSN: 1945-7715DOI: 10.1257/mac.5.4.1Titel-ID: cdi_proquest_journals_1439112118
- Format
- –
- Schlagworte
- Crude oil, Crude oil prices, Demand curves, Demand shocks, Economic impact, Economic models, Economic statistics, Economic theory, Elasticity of demand, Energy economics, GDP, Gross Domestic Product, Macroeconomic modeling, Macroeconomics, Oil prices, Oil production, Petroleum production, Price elasticity, Real gross domestic product, Real prices, Studies, Supply shocks, Vector autoregression