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Oil price shocks and European industries

Bert Scholtens () and Cenk Yurtsever

Energy Economics, 2012, vol. 34, issue 4, 1187-1195

Abstract: We investigate the impact of oil price shocks at the industry level in the Euro area for the period 1983–2007. We use different oil price specifications and use dynamic VAR models and multivariate regression to investigate how 38 different industries respond to oil price shocks. We pay specific attention to the asymmetry of the industries' responses regarding oil price increases and decreases. We find that the impact of oil price shocks substantially differs along the different industries. We find that the significance of this result also differs along the various oil price specifications. The results are quite robust to the way in which we model the problem.

Keywords: Oil prices; Europe; VAR; Industries (search for similar items in EconPapers)
JEL-codes: G12 G15 O13 Q43 Q47 (search for similar items in EconPapers)
Date: 2012
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