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Oil Price Volatility and Economic Growth: Evidence from Advanced OECD Countries using over One Century of Data

Mamothoana Difeto (), Reneé van Eyden (), Rangan Gupta () and Mark Wohar ()
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Mamothoana Difeto: Department of Economics, University of Pretoria, Pretoria, South Africa
Reneé van Eyden: Department of Economics, University of Pretoria, Pretoria, South Africa

No 201813, Working Papers from University of Pretoria, Department of Economics

Abstract: In this paper we make use of a number of different panel data estimators, including fixed effects, bias-corrected least squares dummy variables (LSDVC), generalised methods of moments (GMM), feasible generalised least squares (FGLS), and random coefficients (RC) to analyse the impact of real oil price volatility on the growth in real GDP per capita for 17 member countries of the Organisation for Economic Co-operation and Development (OECD), over a 144-year time period from 1870 to 2013. Our main findings can be summarised as follows: overall, oil price volatility has a negative and statistically significant impact on economic growth of OECD countries in our sample. In addition, when allowing for slope heterogeneity, oil producing countries are significantly negatively impacted by oil price uncertainty, most notably Norway and Canada.

Keywords: Oil price volatility; economic growth; OECD countries; panel data (search for similar items in EconPapers)
JEL-codes: Q43 C33 O55 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-ene and nep-gro
Date: 2018-02
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