Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/337522 
Year of Publication: 
2025
Citation: 
[Journal:] Journal of Comments and Replications in Economics (JCRE) [ISSN:] 2749-988X [Volume:] 4 [Article No.:] 2025-8 [Year:] 2025 [Pages:] 1-27
Publisher: 
ZBW - Leibniz Information Centre for Economics, Kiel, Hamburg
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
Subjects: 
Kern
Local labor market
Oil price
Real economic activity
Structural vector autoregression,
Unemployment rate
Vector autoregression
JEL: 
E24
E31
E32
Q41
Q43
Q48
R23
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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