Not All Oil Price Shocks Are Alike. A Replication Study of Kilian (American Economic Review, 2009)

Rich Ryan and Nyakundi Michieka

Journal of Comments and Replications in Economics (JCRE), 2025, vol. 4, No 2025-8, 27 pages

Abstract: The price of oil can rise because of a disruption to supply or an increase in demand. The nature of the price change determines the dynamic effects. As Kilian (2009a) put it: "not all oil price shocks are alike." Using the latest available data, we extend Kilian's analysis using the R ecosystem and provide more evidence for Kilian's conclusions. Inference based on unknown conditional heteroskedasticity strengthens the conclusions. With the updated shocks, we assess how a local economy responds to the global oil market, an application that is relevant to policymakers concerned with the transition away from fossil fuels.Kern, Local labor market, Oil price, Real economic activity, Structural vector autoregression,, Unemployment rate, Vector autoregression

Keywords: Kern; Local labor market; Oil price; Real economic activity; Structural vector autoregression; Unemployment rate; Vector autoregression (search for similar items in EconPapers)
JEL-codes: E24 E31 E32 Q41 Q43 Q48 R23 (search for similar items in EconPapers)
Date: 2025
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://www.econstor.eu/bitstream/10419/337522/1/JCRE-2025-08.pdf (application/pdf)

Related works:
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:zbw:jcreco:337522

DOI: 10.18718/81781.47

Access Statistics for this article

Journal of Comments and Replications in Economics (JCRE) is currently edited by David A. Jaeger, Maren Duvendack, W. Robert Reed

More articles in Journal of Comments and Replications in Economics (JCRE) from ZBW - Leibniz Information Centre for Economics Contact information at EDIRC.
Bibliographic data for series maintained by ZBW - Leibniz Information Centre for Economics ().