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Oil price shocks and U.S. economic activity: An international perspective

Dates

Year
2010

Citation

Balke, N.S., Brown, S.P.A., and Yucel, M.K., 2010, Oil price shocks and U.S. economic activity: An international perspective: Resources for the Future, 40 p.

Summary

Oil price shocks are thought to have played a prominent role in U.S. economic activity. In this paper, we employ Bayesian methods with a dynamic stochastic general equilibrium model of world economic activity to identify the various sources of oil price shocks and economic fluctuation and to assess their effects on U.S. economic activity. We find that changes in oil prices are best understood as endogenous. Oil price shocks in the 1970s and early 1980s and the 2000s reflect differing mixes of shifts in oil supply and demand, and differing sources of oil price shocks have differing effects on economic activity. We also find that U.S. output fluctuations owe mostly to domestic shocks, with productivity shocks contributing to weakness [...]

Contacts

Communities

  • Western Energy Citation Clearinghouse

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Additional Information

Identifiers

Type Scheme Key
DOI WECC []
Report Number WECC RFF DP 10-37

WECC Extension

places
nameWashington, D.C.
typePublication City

Citation Extension

parts
typePages
value40
citationTypeReport

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