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Erscheinungsjahr: 
2019
Schriftenreihe/Nr.: 
Working Paper No. 14/2019
Verlag: 
Norges Bank, Oslo
Zusammenfassung: 
We analyze if the transmission of oil price shocks on the U.S. economy has changed with the shale oil boom. To do so, we put forward a framework that allows for spillovers between industries and learning by doing (LBD) over time. We identify these spillovers using a time-varying parameter factor-augmented vector autoregressive (VAR) model with both state level and country level data. In contrast to previous results, we find considerable changes in the way oil price shocks are transmitted to the U.S economy: there are now positive spillovers to non-oil investment, employment and production from an increase in the oil price - effcts that were not present before the shale oil boom.
Schlagwörter: 
Shale oil boom
Oil Prices
Time-varying factor-augmented VAR model
Spillovers
Geographical dispersion
JEL: 
C11
C55
E32
E42
Q43
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-82-8379-109-9
Creative-Commons-Lizenz: 
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Dokumentart: 
Working Paper
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