Are Oil Shocks Permanent or Temporary? Panel Data Evidence from Crude Oil Production in 15 Countries

Dmitry Burakov
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Dmitry Burakov: Department of Banks, Monetary Circulation and Credit, Moscow State Institute of International Relations (MGIMO-University), Moscow, Russia

International Journal of Energy Economics and Policy, 2019, vol. 9, issue 2, 295-298

Abstract: In this paper we explore the unit root properties of crude oil production for 15 sampled countries employing the Lagrange Multiplier (LM) panel unit root test with (and without) one structural break for the period 1990-2017. In case of applying LM univariate test without a structural break, the results are ambiguous and inconclusive with moderate support for stationarity. The results of LM panel unit root test with a structural break are significant and conclusive, stating that for a sampled panel, crude oil production is stationary.

Keywords: crude oil; oil shock; unit root; panel analysis; Lagrange multiplier (search for similar items in EconPapers)
JEL-codes: C23 E23 Q43 (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:eco:journ2:2019-02-35

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