Do heterogeneous countries respond differently to oil price shocks?

Arbeitspapier

The article studies the macroeconomic impact of oil price changes in 17 highly heterogeneous countries classified in six groups: advanced, emerging, oil producer, non-oil producers, with energy price controls and without energy price controls. The results show that despite analyzed countries differ in several dimensions, most differences regarding oil price shocks impacts can be captured comparing two groups: advanced vs. emerging. Moreover, most of the differences in the way countries react to oil price shocks come from the source of the shock rather than by the group which the countries belong to. Remarkably, there are no significant differences in the response of industrial production between oil and non-oil producer countries. We posit, as potential explanations of the later finding the decline in the energy intensity of the global economy and the degree of trade openness.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: Working Papers ; No. 2018-09

Classification and Topics

• Classification: Wirtschaft ; Price Level; Inflation; Deflation ; Nonrenewable Resources and Conservation: Demand and Supply; Prices ; Energy and the Macroeconomy
• Subject: Oil Price Shocks ; Macroeconomic Impacts ; Oil Market

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Guerrero Escobar, Santiago ; Hernández del Valle, Gerardo ; Hernandez Vega, Marco A.
• Event: Veröffentlichung
• (who): Banco de México
• (where): Ciudad de México
• (when): 2018

Further information

• Handle: http://hdl.handle.net/10419/202475
• Last update: 10.03.2025, 11:46 AM CET