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Demographics and the Transmission of Oil Price Shocks: evidence from the Euro área

Author

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  • Nicolás Ronderos Pulido

    (Pontificia Universidad Javeriana)

  • Richard Jaimes Bonilla

    (Pontificia Universidad Javeriana)

Abstract

This article examines how variations in the age structure of a country impact the transmission of structural shocks in oil prices to the macroeconomy. The study utilizes structural shocks that account for the major variations in oil prices, i.e., demand shocks, supply shocks, and news shocks. The structural shocks were estimated by Baumeister and Hamilton (2019) and Känzig (2021), respectively. Evidence is found of changes in the transmission of oil prices as a result of variations in the age structure of a country. Specifically, it is observed that countries with a higher proportion of individuals in intermediate age groups (35-49 years) exhibit significant variations in responses to an oil shock. These variations are attributed to the country's ability to generate new businesses.

Suggested Citation

  • Nicolás Ronderos Pulido & Richard Jaimes Bonilla, 2024. "Demographics and the Transmission of Oil Price Shocks: evidence from the Euro área," Revista Outlier, Universidad Javeriana - Bogotá, vol. 24(1), pages 1-52, March.
    • Handle: RePEc:col:000440:021413
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    JEL classification:

    • J11 - Labor and Demographic Economics - - Demographic Economics - - - Demographic Trends, Macroeconomic Effects, and Forecasts
    • E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles

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