Not All Oil Price Shocks Are Alike. A Replication of Kilian (American Economic Review, 2009)

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Tác giả: Nyakundi Michieka, Rich Ryan

Ngôn ngữ: eng

Ký hiệu phân loại: 333.8232 Subsurface resources

Thông tin xuất bản: 2024

Mô tả vật lý:

Bộ sưu tập: Metadata

ID: 203934

Comment: 20 pages, 8 figuresThe 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 (2009) put it: "not all oil price shocks are alike." Using the latest available data, we extend Kilian's (2009) analysis using the R ecosystem and provide more evidence for Kilian's (2009) 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.
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