The effect of oil price shocks on economic activity: a local projections approach

被引：0

作者：

Abbritti M. ^{[1
]}

Equiza-Goñi J. ^{[2
]}

de Gracia F.P. ^{[2
]}

Trani T. ^{[2
]}

机构：

[1] Department of Economics, Università degli Studi di Perugia, Perugia

[2] Department of Economics, Universidad de Navarra, Pamplona

来源：

Journal of Economics and Finance | 2020年 / 44卷 / 4期

关键词：

Economic activity; Linear and nonlinear specifications; Local projections; Oil price shocks;

D O I：

10.1007/s12197-020-09512-w

中图分类号：

学科分类号：

摘要：

We examine the impact of oil price shocks on four U.S. macroeconomic variables over the period January 1974 to August 2016. We use local projections and consider different linear and nonlinear model specifications. The results suggest that oil price shocks have a large and significant effect not only on production, interest rates and unemployment, but also on credit spreads. The magnitude of these effects depends on the level of the oil price before the occurrence of the shock. © 2020, Academy of Economics and Finance.

引用

页码：708 / 723

页数：15

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