The Differential Effects of Oil Demand and Supply Shocks on the Global Economy


We employ a set of sign restrictions on the generalized impulse responses of a Global VAR
model, estimated for 38 countries/regions over the period 1979Q2–2011Q2, to discriminate
between supply-driven and demand-driven oil-price shocks and to study the time profile of
their macroeconomic effects for different countries. The results indicate that... READ MORE...

Publication date: October 2012
ISBN 9781475597158

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Publication date: October 2012