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The impact of oil price shocks: Evidence from the industries of six OECD countries

  • Jiménez-Rodríguez, Rebeca

Most of the studies about the macroeconomic consequences of oil price shocks have been focused on US aggregate data. In contrast to these studies, this paper empirically assesses the dynamic effect of oil price shocks on the output of the main manufacturing industries in six OECD countries. The pattern of responses to an oil price shock by industrial output is diverse across the four European Monetary Union (EMU) countries under consideration (France, Germany, Italy, and Spain), but broadly similar in the UK and the US. Moreover, evidence on cross-industry heterogeneity of oil shock effects within the EMU countries is also reported.

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Article provided by Elsevier in its journal Energy Economics.

Volume (Year): 30 (2008)
Issue (Month): 6 (November)
Pages: 3095-3108

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Handle: RePEc:eee:eneeco:v:30:y:2008:i:6:p:3095-3108
Contact details of provider: Web page: http://www.elsevier.com/locate/eneco

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