Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/202475
Authors: 
Guerrero Escobar, Santiago
Hernández del Valle, Gerardo
Hernandez Vega, Marco A.
Year of Publication: 
2018
Series/Report no.: 
Working Papers 2018-09
Abstract: 
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.
Subjects: 
Oil Price Shocks
Macroeconomic Impacts
Oil Market
JEL: 
E31
Q31
Q43
Document Type: 
Working Paper
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