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Energy price shocks, aggregate supply and monetary policy: The theory and the international evidence

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Cited by:

  1. Muhammad Arshad Khan & Ayaz Ahmed, 2011. "Macroeconomic Effects of Global Food and Oil Price Shocks to the Pakistan Economy: A Structural Vector Autoregressive (SVAR) Analysis," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 50(4), pages 491-511.
  2. Dong Kim, 2012. "What is an oil shock? Panel data evidence," Empirical Economics, Springer, vol. 43(1), pages 121-143, August.
  3. Mihaela NICOLAU, 2010. "The influence of taxation on energy products price and consequences on the global economy," EuroEconomica, Danubius University of Galati, issue 24, pages 99-109, March.
  4. repec:zbw:rwirep:0128 is not listed on IDEAS
  5. Ying Fan & Jian-Ling Jiao & Qiao-Mei Liang & Zhi-Yong Han & Yi-Ming Wei, 2007. "The impact of rising international crude oil price on China's economy: an empirical analysis with CGE model," International Journal of Global Energy Issues, Inderscience Enterprises Ltd, vol. 27(4), pages 404-424.
  6. Ansgar Belke & Daniel Gros, 2014. "A simple model of an oil based global savings glut—the “China factor”and the OPEC cartel," International Economics and Economic Policy, Springer, vol. 11(3), pages 413-430, September.
  7. Fayyad, Abdallah & Daly, Kevin, 2011. "The impact of oil price shocks on stock market returns: Comparing GCC countries with the UK and USA," Emerging Markets Review, Elsevier, vol. 12(1), pages 61-78, March.
  8. repec:ipg:wpaper:2014-421 is not listed on IDEAS
  9. Aharon, David Y. & Azman Aziz, Mukhriz Izraf & Kallir, Ido, 2023. "Oil price shocks and inflation: A cross-national examination in the ASEAN5+3 countries," Resources Policy, Elsevier, vol. 82(C).
  10. Aguiar-Conraria, Luis & Wen, Yi, 2005. "Understanding the Impact of Oil Shocks," Working Papers 05-01, Cornell University, Center for Analytic Economics.
  11. Hamilton, James D., 2003. "What is an oil shock?," Journal of Econometrics, Elsevier, vol. 113(2), pages 363-398, April.
  12. Leduc, Sylvain & Sill, Keith, 2004. "A quantitative analysis of oil-price shocks, systematic monetary policy, and economic downturns," Journal of Monetary Economics, Elsevier, vol. 51(4), pages 781-808, May.
  13. Cunado, Juncal & Perez de Gracia, Fernando, 2003. "Do oil price shocks matter? Evidence for some European countries," Energy Economics, Elsevier, vol. 25(2), pages 137-154, March.
  14. Aurélien Goutsmedt, 2021. "From the Stagflation to the Great Inflation: Explaining the US economy of the 1970s," Revue d'économie politique, Dalloz, vol. 131(3), pages 557-582.
  15. Luõs Aguiar-Conraria & Yi Wen, 2007. "Understanding the Large Negative Impact of Oil Shocks," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 39(4), pages 925-944, June.
  16. Prasad, Arti & Narayan, Paresh Kumar & Narayan, Jashwini, 2007. "Exploring the oil price and real GDP nexus for a small island economy, the Fiji Islands," Energy Policy, Elsevier, vol. 35(12), pages 6506-6513, December.
  17. Davis, Steven J. & Haltiwanger, John, 2001. "Sectoral job creation and destruction responses to oil price changes," Journal of Monetary Economics, Elsevier, vol. 48(3), pages 465-512, December.
  18. Narayan, Paresh Kumar & Narayan, Seema & Smyth, Russell, 2011. "Energy consumption at business cycle horizons: The case of the United States," Energy Economics, Elsevier, vol. 33(2), pages 161-167, March.
  19. Lacheheb, Miloud & Sirag, Abdalla, 2019. "Oil price and inflation in Algeria: A nonlinear ARDL approach," The Quarterly Review of Economics and Finance, Elsevier, vol. 73(C), pages 217-222.
  20. Zahra Zarepour, 2022. "Short- and long-run macroeconomic impacts of the 2010 Iranian energy subsidy reform," SN Business & Economics, Springer, vol. 2(10), pages 1-32, October.
  21. Alan A. Carruth & Mark A. Hooker & Andrew J. Oswald, 1998. "Unemployment Equilibria And Input Prices: Theory And Evidence From The United States," The Review of Economics and Statistics, MIT Press, vol. 80(4), pages 621-628, November.
  22. Scheide, Joachim, 1993. "Preisniveaustabilität: Geldmengenregeln auch für unabhängige Notenbanken," Open Access Publications from Kiel Institute for the World Economy 1575, Kiel Institute for the World Economy (IfW Kiel).
  23. Peersman, Gert & Van Robays, Ine, 2012. "Cross-country differences in the effects of oil shocks," Energy Economics, Elsevier, vol. 34(5), pages 1532-1547.
  24. Weiwen Ng, 2012. "Oil Price Volatility And The Singapore Macroeconomy," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 57(03), pages 1-26.
  25. Jbir, Rafik & Zouari-Ghorbel, Sonia, 2009. "Recent oil price shock and Tunisian economy," Energy Policy, Elsevier, vol. 37(3), pages 1041-1051, March.
  26. Finn, Mary G., 1995. "Variance properties of Solow's productivity residual and their cyclical implications," Journal of Economic Dynamics and Control, Elsevier, vol. 19(5-7), pages 1249-1281.
  27. Voudouris, Vlasios & Ayres, Robert & Serrenho, Andre Cabrera & Kiose, Daniil, 2015. "The economic growth enigma revisited: The EU-15 since the 1970s," Energy Policy, Elsevier, vol. 86(C), pages 812-832.
  28. Sajjad Barkordari & maryam fattahi, 2017. "An Equilibrium Aggregate Demand And Supply Model To Examine The Dynamic Effect Of Oil Price Shocks On Output And Inflation In Iran As An Oil Exporting Country," Economy of region, Centre for Economic Security, Institute of Economics of Ural Branch of Russian Academy of Sciences, vol. 1(3), pages 839-846.
  29. Ansgar Belke & Daniel Gros, 2009. "A Simple Model of an Oil Based Global Savings Glut – The “China Factor” and the OPEC Cartel," Ruhr Economic Papers 0128, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Ruhr-Universität Bochum, Universität Dortmund, Universität Duisburg-Essen.
  30. Hafer, R. W., 1985. "Choosing between M1 and debt as an intermediate target for monetary policy," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 22(1), pages 89-132, January.
  31. François Lescaroux & Valérie Mignon, 2008. "On the influence of oil prices on economic activity and other macroeconomic and financial variables ," OPEC Energy Review, Organization of the Petroleum Exporting Countries, vol. 32(4), pages 343-380, December.
  32. Flory Dieck-Assad & Ernesto Peralta, 2013. "Energy and capital inputs: cornerstones of productivity growth in Mexico: 1965–2004," Empirical Economics, Springer, vol. 44(2), pages 563-590, April.
  33. Gaolu Zou & Kwong Wing Chau, 2020. "Effects of International Crude Oil Prices on Energy Consumption in China," Energies, MDPI, vol. 13(15), pages 1-17, July.
  34. AydIn, Levent & Acar, Mustafa, 2011. "Economic impact of oil price shocks on the Turkish economy in the coming decades: A dynamic CGE analysis," Energy Policy, Elsevier, vol. 39(3), pages 1722-1731, March.
  35. Wang, Liping, 2022. "Research on the impact of energy price fluctuations on regional economic development based on panel data model," Resources Policy, Elsevier, vol. 75(C).
  36. Mary G. Finn, 1994. "Variance properties of Solow's productivity residual and their cyclical implications," Working Paper 94-01, Federal Reserve Bank of Richmond.
  37. Roman E. Romero, 2008. "Monetary Policy in Oil-Producing Economies," Working Papers 1053, Princeton University, Department of Economics, Center for Economic Policy Studies..
  38. Michieka, Nyakundi M., 2017. "Do changes in oil prices affect welfare programs? Evidence from Kern County," Energy Economics, Elsevier, vol. 66(C), pages 116-121.
  39. Scheide, Joachim, 1993. "Preisniveaustabilität: Geldmengen auch für unabhängige Notenbanken," Kiel Working Papers 561, Kiel Institute for the World Economy (IfW Kiel).
  40. Brown, Stephen P. A. & Yucel, Mine K., 2002. "Energy prices and aggregate economic activity: an interpretative survey," The Quarterly Review of Economics and Finance, Elsevier, vol. 42(2), pages 193-208.
  41. Kilian, Lutz, 2005. "The Effects of Exogenous Oil Supply Shocks on Output and Inflation: Evidence from the G7 Countries," CEPR Discussion Papers 5404, C.E.P.R. Discussion Papers.
  42. Aviral K. Tiwari & Claudiu T. Albulescu & Rangan Gupta, 2016. "Time-frequency relationship between US output with commodity and asset prices," Applied Economics, Taylor & Francis Journals, vol. 48(3), pages 227-242, January.
  43. He, Yongda & Lin, Boqiang, 2019. "Regime differences and industry heterogeneity of the volatility transmission from the energy price to the PPI," Energy, Elsevier, vol. 176(C), pages 900-916.
  44. John A. Tatom, 2011. "Inflation and Asset Prices," NFI Working Papers 2011-WP-26, Indiana State University, Scott College of Business, Networks Financial Institute.
  45. F. Dilvin Taşkin & Efe Çağlar Çağlı & Umut Halaç, 2016. "The impact of oil price shocks on the volatility of the Turkish stock market," International Journal of Accounting and Finance, Inderscience Enterprises Ltd, vol. 6(1), pages 1-23.
  46. Naser, Hanan, 2015. "Analysing the long-run relationship among oil market, nuclear energy consumption, and economic growth: An evidence from emerging economies," Energy, Elsevier, vol. 89(C), pages 421-434.
  47. Mary G. Finn, 1991. "Energy price shocks, capacity utilization and business cycle fluctuations," Discussion Paper / Institute for Empirical Macroeconomics 50, Federal Reserve Bank of Minneapolis.
  48. Aliyu, Shehu Usman Rano, 2009. "Oil Price Shocks and the Macroeconomy of Nigeria: A Non-linear Approach," MPRA Paper 18726, University Library of Munich, Germany, revised 16 Nov 2009.
  49. B lent Alta & Mert Topcu & Ebru Erdo an, 2013. "Nevsehir University, Department of Economics, Nevsehir, Turkey," International Journal of Energy Economics and Policy, Econjournals, vol. 3(Special), pages 7-13.
  50. Lorde, Troy & Jackman, Mahalia & Thomas, Chrystol, 2009. "The macroeconomic effects of oil price fluctuations on a small open oil-producing country: The case of Trinidad and Tobago," Energy Policy, Elsevier, vol. 37(7), pages 2708-2716, July.
  51. Rebeca Jiménez-Rodríguez, 2007. "The industrial impact of oil price shocks: Evidence from the industries of six OECD countries," Working Papers 0731, Banco de España.
  52. Cunado, J. & Perez de Gracia, F., 2005. "Oil prices, economic activity and inflation: evidence for some Asian countries," The Quarterly Review of Economics and Finance, Elsevier, vol. 45(1), pages 65-83, February.
  53. Vlaar, Peter J.G., 2007. "GDP growth and currency valuation: The case of the dollar," Journal of International Money and Finance, Elsevier, vol. 26(8), pages 1424-1449, December.
  54. Jiang, Zhuhua & Yoon, Seong-Min, 2020. "Dynamic co-movement between oil and stock markets in oil-importing and oil-exporting countries: Two types of wavelet analysis," Energy Economics, Elsevier, vol. 90(C).
  55. Musa Foudeh, 2017. "The Long Run Effects of Oil Prices on Economic Growth: The Case of Saudi Arabia," International Journal of Energy Economics and Policy, Econjournals, vol. 7(6), pages 171-192.
  56. Roman E. Romero, 2008. "Monetary Policy in Oil-Producing Economies," Working Papers 1053, Princeton University, Department of Economics, Center for Economic Policy Studies..
  57. Herrera, Ana María & Karaki, Mohamad B. & Rangaraju, Sandeep Kumar, 2019. "Oil price shocks and U.S. economic activity," Energy Policy, Elsevier, vol. 129(C), pages 89-99.
  58. Lescaroux, François, 2008. "Une revue interprétée des élasticités entre le PIB et le prix du pétrole," L'Actualité Economique, Société Canadienne de Science Economique, vol. 84(4), pages 415-447, Décembre.
  59. Rotemberg, Julio J & Woodford, Michael, 1996. "Imperfect Competition and the Effects of Energy Price Increases on Economic Activity," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 28(4), pages 550-577, November.
  60. Suresh Ramakrishnan & Shamaila Butt & Melati Ahmad Anuar, 2017. "The Impact of Macroeconomic, Oil Prices and Socio-economic Factors on Exchange Rate in Pakistan: An Auto Regressive Distributed Lag Approach," International Journal of Economics and Financial Issues, Econjournals, vol. 7(1), pages 489-499.
  61. Farid Zulfigarov & Matthias Neuenkirch, 2019. "Azerbaijan and its Oil Resources: Curse or Blessing?," Research Papers in Economics 2019-11, University of Trier, Department of Economics.
  62. Mukhriz Izraf Azman Aziz & Jauhari Dahalan, 2015. "The Impacts of Oil Price Fluctuations on Revealed Comparative Advantage of Manufacturing Commodities for ASEAN-5 Economies," International Journal of Energy Economics and Policy, Econjournals, vol. 5(4), pages 1098-1108.
  63. Jiménez-Rodríguez, Rebeca, 2008. "The impact of oil price shocks: Evidence from the industries of six OECD countries," Energy Economics, Elsevier, vol. 30(6), pages 3095-3108, November.
  64. Mustafa Kocoglu, 2023. "Drivers of inflation in Turkey: a new Keynesian Phillips curve perspective," Economic Change and Restructuring, Springer, vol. 56(4), pages 2825-2853, August.
  65. Çevik, Emre & Çevik, Emrah İsmail & Dibooglu, Sel & Cergibozan, Raif & Bugan, Mehmet Fatih & Destek, Mehmet Akif, 2022. "Connectedness and risk spillovers between crude oil and clean energy stock markets," MPRA Paper 117558, University Library of Munich, Germany.
  66. Hyunjoo Kim Karlsson & Yushu Li & Ghazi Shukur, 2018. "The Causal Nexus between Oil Prices, Interest Rates, and Unemployment in Norway Using Wavelet Methods," Sustainability, MDPI, vol. 10(8), pages 1-15, August.
  67. Hooker, Mark A., 1996. "What happened to the oil price-macroeconomy relationship?," Journal of Monetary Economics, Elsevier, vol. 38(2), pages 195-213, October.
  68. Karunanithi Kriskkumar & Niaz Ahmad Mohd Naseem, 2019. "Analysis of Oil Price Effect on Economic Growth of ASEAN Net Oil Exporters," Energies, MDPI, vol. 12(17), pages 1-19, August.
  69. Yoon & Jae Ho, 2004. "Oil and the G7 business cycle : Friedman's Plucking Markov Switching Approach," Econometric Society 2004 Far Eastern Meetings 773, Econometric Society.
  70. Abul Quasem Al-Amin & Siwar Chamhuri & Abdul Hamir Jaafar, 2008. "Impacts Of External Price Shocks On Malaysian Macro Economy-An Applied General Equilibrium Analysis," Economic Analysis Working Papers (2002-2010). Atlantic Review of Economics (2011-2016), Colexio de Economistas de A Coruña, Spain and Fundación Una Galicia Moderna, vol. 7, pages 1-24, October.
  71. Makena Coffman, 2010. "Oil price shocks in an island economy: an analysis of the oil price-macroeconomy relationship," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 44(3), pages 599-620, June.
  72. Mirko Abbritti & Juan Equiza-Goñi & Fernando Perez Gracia & Tommaso Trani, 2020. "The effect of oil price shocks on economic activity: a local projections approach," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 44(4), pages 708-723, October.
  73. Naser, Hanan, 2018. "Financial Development and Economic Growth in Oil-Dependent Economy: The case of Bahrain," MPRA Paper 89743, University Library of Munich, Germany, revised 04 Sep 2018.
  74. Gbatu, Abimelech Paye & Wang, Zhen & Wesseh, Presley K. & Tutdel, Isaac Yak Repha, 2017. "The impacts of oil price shocks on small oil-importing economies: Time series evidence for Liberia," Energy, Elsevier, vol. 139(C), pages 975-990.
  75. Shigeki Ono, 2011. "Oil Price Shocks and Stock Markets in BRICs," European Journal of Comparative Economics, Cattaneo University (LIUC), vol. 8(1), pages 29-45, June.
  76. Kanu Success Ikechi & Nwadiubu Anthony, 2020. "Global Oil Price Shocks and Effects on Economic Growth: An Econometric Investigation of Nigeria," International Journal of Innovation and Economic Development, Inovatus Services Ltd., vol. 6(4), pages 7-26, October.
  77. Lang, Korbinian & Auer, Benjamin R., 2020. "The economic and financial properties of crude oil: A review," The North American Journal of Economics and Finance, Elsevier, vol. 52(C).
  78. Nunnenkamp, Peter, 1983. "Rising oil prices and industrial production in some developing countries in the seventies," Kiel Working Papers 190, Kiel Institute for the World Economy (IfW Kiel).
  79. Jayaraman, T.K. & Choong, Chee-Keong, 2009. "Growth and oil price: A study of causal relationships in small Pacific Island countries," Energy Policy, Elsevier, vol. 37(6), pages 2182-2189, June.
  80. Zulfigarov, Farid & Neuenkirch, Matthias, 2020. "The impact of oil price changes on selected macroeconomic indicators in Azerbaijan," Economic Systems, Elsevier, vol. 44(4).
  81. J. Beaulieu & Joe Mattey, 1998. "The Workweek of Capital and Capital Utilization in Manufacturing," Journal of Productivity Analysis, Springer, vol. 10(2), pages 199-223, October.
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