Oil price shocks and the macroeconomy

Segal, Paul

doi:10.1093/oxrep/grr001

Cited by 61 publications

(20 citation statements)

References 19 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…Since then a vast amount of studies have been published and the majority of them voice the opinion that oil prices exert a significant impact on economic variables (some influential papers include, inter alia, Baumeister and Peersman, 2012;Lippi and Nobili, 2012;Segal, 2011;Rahman and Serletis, 2011;Tang et al, 2010;Jbir and Zouari-Ghorbel, 2009;Nakov and Pescatori, 2009;Blanchard and Gali, 2007;Hamilton, 2008Hamilton, , 1996Hamilton and Herrera, 2004;Barsky and Kilian, 2004;Jones et al, 2004;Leduc and Sill, 2004;Brown and Yucel, 2002;Hooker, 2002Hooker, , 1996Amano and van Norden, 1998;Bernanke et al, 1997;Rotemberg and Woodford, 1996;Huang et al, 1996;Darrat et al, 1996;Mork et al, 1994;Hutchison, 1993;Mork, 1989;and Burbidge and Harrison, 1984). Despite the fact that the oil literature dates back into the early 80s, the relationship between oil prices and stock markets has received a marked increase in attention by researchers only over the last two decades 1 .…”

Section: Introduction and Brief Review Of The Literaturementioning

confidence: 99%

Oil price shocks and stock market returns: New evidence from the United States and China

Broadstock

Filis

2014

Journal of International Financial Markets, Institutions and Mo

273

View full text Add to dashboard Cite

Section: Introduction and Brief Review Of The Literaturementioning

confidence: 99%

Oil price shocks and stock market returns: New evidence from the United States and China

Broadstock

Filis

2014

Journal of International Financial Markets, Institutions and Mo

273

View full text Add to dashboard Cite

“…However, Bachmeier and Cha () arrived at different results indicating that the response of inflation to the oil shocks was less during the period 1986–2006 due to the reduction in the US energy usage. Segal () also found that oil prices did not pass through inflation in the 2008 oil shock; thus, it had no significant impact on the world macroeconomy. Similar results were found by Milani ().…”

Section: Introductionmentioning

confidence: 99%

Exploring the impact of oil revenues on OPEC members' macroeconomy

Al‐mulali

Sab

2013

OPEC Energy Review

View full text Add to dashboard Cite

This study investigated the impact of oil revenues on the macroeconomy in the Organization of Petroleum Exporting Countries (OPEC). The panel model was used taking the period 2000-2011 when oil prices increased to high levels causing an increase in the oil revenues of the investigated countries. The results showed that oil exports revenues have a long-run and a short-run positive relationship with the gross domestic product, domestic investment, government consumption expenditure and the consumer price index. However, the results also showed that oil exports revenues have a long-run and a short-run negative relationship with the real exchange rate, gross domestic savings and the current account balance. Therefore, it was recommended that these countries should reduce their level of domestic consumption and increase their domestic savings. It was also recommended that these countries should reduce their real exchange rate appreciation and use more flexible exchange rate regimes.

show abstract

“…Countries exporting predominantly to oil-dependent partners are more vulnerable from oil price volatility. Segal (2011) argues that the oil price increases have less impact on the World economy in the past decade compared to the effects of the price shocks faced in the preceding years. This shift may stem from the drivers of the price increases as well as the diminishing dependency on oil and advances in exploiting new resources of energy.…”

Section: Literature Reviewmentioning

confidence: 99%

On the mixed indirect effects of oil prices on international trade

Akman

Bozkurt

2016

OPEC Energy Review

View full text Add to dashboard Cite

This study concentrates on the indirect effects of oil prices on the international trade of oil‐exporting countries and their trade partners. We analysed the total imports of the leading oil‐exporting countries (Saudi Arabia, Nigeria, Venezuela, Kuwait, United Arab Emirates, Algeria and Mexico) and exports of the major trade partners exporting to them (China, United States, India, France, Korea, Germany and Japan). VAR models, Granger Causality Tests, Impulse Response Function and Variance Decomposition analysis are used as empirical methods. We find that oil price increases have a negative impact on the imports of oil‐exporting countries in general. However, effects on the exports of their trade partners are varied across the countries. Oil prices have positive indirect effects on the foreign trade of China, India and France while a negative effect is observed for Korea and the United States.

show abstract

Oil price shocks and the macroeconomy

Cited by 61 publications

References 19 publications

Oil price shocks and stock market returns: New evidence from the United States and China

Oil price shocks and stock market returns: New evidence from the United States and China

Exploring the impact of oil revenues on OPEC members' macroeconomy

On the mixed indirect effects of oil prices on international trade

Contact Info

Product

Resources

About