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

Rebeca Jiménez-Rodríguez

Energy Economics, 2008, vol. 30, issue 6, 3095-3108

Abstract: 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.

Keywords: Oil; price; shock; Dynamic; responses; Manufacturing; industries (search for similar items in EconPapers)
Date: 2008
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Citations: View citations in EconPapers (35)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:eneeco:v:30:y:2008:i:6:p:3095-3108

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