EconPapers    
Economics at your fingertips  
 

Oil Prices and Consumption across Countries and U.S. States

Andrea De Michelis (), Thiago Ferreira and Matteo Iacoviello ()
Additional contact information
Thiago Ferreira: Federal Reserve Board of Governors

International Journal of Central Banking, 2020, vol. 16, issue 2, 3-43

Abstract: We study the effects of oil prices on consumption across countries and U.S. states, by exploiting the time-series and cross-sectional variation in oil dependency of these economies. We build two large data sets: one with 55 countries over the years 1975-2018, and another with all U.S. states over the period 1989-2018. We then show that oil price declines generate positive effects on consumption in oil-importing economies, while depressing consumption in oil-exporting economies. We also document that oil price increases do more harm than the good afforded by oil price decreases both in the world and in U.S. aggregates.

JEL-codes: Q43 E32 F40 (search for similar items in EconPapers)
Date: 2020
References: Add references at CitEc
Citations: View citations in EconPapers (4) Track citations by RSS feed

Downloads: (external link)
http://www.ijcb.org/journal/ijcb20q1a1.pdf (application/pdf)
http://www.ijcb.org/journal/ijcb20q1a1.htm (text/html)

Related works:
Working Paper: Oil Prices and Consumption across Countries and U.S. States (2019) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ijc:ijcjou:y:2020:q:1:a:1

Access Statistics for this article

International Journal of Central Banking is currently edited by Loretta J. Mester

More articles in International Journal of Central Banking from International Journal of Central Banking
Bibliographic data for series maintained by Bank for International Settlements ().

 
Page updated 2021-04-05
Handle: RePEc:ijc:ijcjou:y:2020:q:1:a:1