메뉴 건너뛰기




Volumn 113, Issue 2, 2003, Pages 363-398

What is an oil shock?

Author keywords

Economic fluctuations; Functional form; Nonlinear models; Oil shocks

Indexed keywords

CRUDE PETROLEUM; MATHEMATICAL MODELS; MATHEMATICAL TRANSFORMATIONS; NONLINEAR SYSTEMS; PROBLEM SOLVING;

EID: 0347985218     PISSN: 03044076     EISSN: None     Source Type: Journal    
DOI: 10.1016/S0304-4076(02)00207-5     Document Type: Article
Times cited : (1449)

References (58)
  • 1
    • 0001162133 scopus 로고
    • Tests for parameter instability and structural change with unknown change point
    • Andrews D.W.K. Tests for parameter instability and structural change with unknown change point. Econometrica. 61:1993;821-856.
    • (1993) Econometrica , vol.61 , pp. 821-856
    • Andrews, D.W.K.1
  • 2
    • 0000209591 scopus 로고
    • Optimal tests when a nuisance parameter is present only under the alternative
    • Andrews D.W.K., Ploberger W. Optimal tests when a nuisance parameter is present only under the alternative. Econometrica. 62:1994;1383-1414.
    • (1994) Econometrica , vol.62 , pp. 1383-1414
    • Andrews, D.W.K.1    Ploberger, W.2
  • 3
    • 0000293565 scopus 로고    scopus 로고
    • Models of energy use: Putty-putty versus putty-clay
    • Atkeson A., Kehoe P.J. Models of energy use. putty-putty versus putty-clay American Economic Review. 89:1999;1028-1043.
    • (1999) American Economic Review , vol.89 , pp. 1028-1043
    • Atkeson, A.1    Kehoe, P.J.2
  • 5
    • 84864407948 scopus 로고    scopus 로고
    • Oil price shocks and the U.S. economy: Where does the asymmetry originate?
    • Federal Reserve Bank of Dallas
    • Balke, N.S., Brown, S.P.A, Yücel, M., 1999. Oil price shocks and the U.S. economy: where does the asymmetry originate? Working Paper, Federal Reserve Bank of Dallas.
    • (1999) Working Paper
    • Balke, N.S.1    Brown, S.P.A.2    Yücel, M.3
  • 6
    • 0347540118 scopus 로고    scopus 로고
    • Do we really know that oil caused the great stagflation? A monetary alternative
    • Barsky, R.B., Kilian, L., 2001. Do we really know that oil caused the great stagflation? A monetary alternative. NBER Macroeconomics Annual 137-183.
    • (2001) NBER Macroeconomics Annual , pp. 137-183
    • Barsky, R.B.1    Kilian, L.2
  • 7
    • 84995453303 scopus 로고
    • Irreversibility, uncertainty, and cyclical investment
    • Bernanke B.S. Irreversibility, uncertainty, and cyclical investment. Quarterly Journal of Economics. 98:1983;85-106.
    • (1983) Quarterly Journal of Economics , vol.98 , pp. 85-106
    • Bernanke, B.S.1
  • 8
    • 0006012786 scopus 로고
    • Energy Price Shocks and Macroeconomic Performance
    • Washington, DC
    • Bohi, D.R., 1989. Energy Price Shocks and Macroeconomic Performance. Resources for the Future, Washington, DC.
    • (1989) Resources for the Future
    • Bohi, D.R.1
  • 10
    • 0021626296 scopus 로고
    • Testing for the effects of oil-price rises using vector autoregressions
    • Burbidge J., Harrison A. Testing for the effects of oil-price rises using vector autoregressions. International Economic Review. 25:1984;459-484.
    • (1984) International Economic Review , vol.25 , pp. 459-484
    • Burbidge, J.1    Harrison, A.2
  • 11
    • 0032261311 scopus 로고    scopus 로고
    • Unemployment equilibria and input prices: Theory and evidence from the United States
    • Carruth A.A., Hooker M.A., Oswald A.J. Unemployment equilibria and input prices. theory and evidence from the United States Review of Economics and Statistics. 80:1998;621-628.
    • (1998) Review of Economics and Statistics , vol.80 , pp. 621-628
    • Carruth, A.A.1    Hooker, M.A.2    Oswald, A.J.3
  • 12
    • 84862360019 scopus 로고    scopus 로고
    • Do oil price shocks matter? Evidence from some European Countries
    • University of Navarra
    • Cuñado, J., Pérez de Gracia, F., 2000. Do oil price shocks matter? Evidence from some European Countries. Working paper, University of Navarra.
    • (2000) Working Paper
    • Cuñado, J.1    Pérez de Gracia, F.2
  • 13
    • 0346936608 scopus 로고    scopus 로고
    • An investigation of tests for linearity and the accuracy of maximum likelihood based inference using random fields
    • Dahl C.M. An investigation of tests for linearity and the accuracy of maximum likelihood based inference using random fields. Econometrics Journal. 5:2002;263-284.
    • (2002) Econometrics Journal , vol.5 , pp. 263-284
    • Dahl, C.M.1
  • 14
    • 0347567607 scopus 로고    scopus 로고
    • Testing for neglected nonlinearity in regression models: A collection of new tests based on the theory of random fields
    • Dahl, C.M., González-Rivera, G., 2002. Testing for neglected nonlinearity in regression models: a collection of new tests based on the theory of random fields. Journal of Econometrics forthcoming.
    • (2002) Journal of Econometrics forthcoming
    • Dahl, C.M.1    González-Rivera, G.2
  • 15
    • 0031232424 scopus 로고    scopus 로고
    • International interdependence of national growth rates: A structural trends analysis
    • Daniel B.C. International interdependence of national growth rates. a structural trends analysis Journal of Monetary Economics. 40:1997;73-96.
    • (1997) Journal of Monetary Economics , vol.40 , pp. 73-96
    • Daniel, B.C.1
  • 16
    • 45949120944 scopus 로고
    • Fluctuations in the pace of labor reallocation
    • K. Brunner, & A.H. Meltzer. Empirical Studies of Velocity, Real Exchange Rates, Unemployment and Productivity, Amsterdam: North Holland
    • Davis S.J. Fluctuations in the pace of labor reallocation. Brunner K., Meltzer A.H. Empirical Studies of Velocity, Real Exchange Rates, Unemployment and Productivity. Carnegie-Rochester Conference Series on Public Policy. Vol. 24:1987;North Holland, Amsterdam.
    • (1987) Carnegie-Rochester Conference Series on Public Policy , vol.24
    • Davis, S.J.1
  • 17
    • 0000631808 scopus 로고
    • Allocative disturbances and specific capital in real business cycle theories
    • Davis S.J. Allocative disturbances and specific capital in real business cycle theories. American Economic Review Papers and Proceedings. 77:1987;738-751.
    • (1987) American Economic Review Papers and Proceedings , vol.77 , pp. 738-751
    • Davis, S.J.1
  • 18
    • 0000817740 scopus 로고    scopus 로고
    • Sectoral job creation and destruction responses to oil price changes
    • Davis S.J., Haltiwanger J. Sectoral job creation and destruction responses to oil price changes. Journal of Monetary Economics. 48:2001;465-512.
    • (2001) Journal of Monetary Economics , vol.48 , pp. 465-512
    • Davis, S.J.1    Haltiwanger, J.2
  • 19
    • 0004220402 scopus 로고    scopus 로고
    • Regional labor fluctuations: Oil shocks, military spending, and other driving forces
    • University of Chicago
    • Davis, S.J., Loungani, P., Mahidhara, R., 1996. Regional labor fluctuations: oil shocks, military spending, and other driving forces. Working paper, University of Chicago.
    • (1996) Working Paper
    • Davis, S.J.1    Loungani, P.2    Mahidhara, R.3
  • 21
    • 0030510350 scopus 로고    scopus 로고
    • Oil price volatility and the macroeconomy: A solution to the asymmetry puzzle
    • Ferderer J.P. Oil price volatility and the macroeconomy. a solution to the asymmetry puzzle Journal of Macroeconomics. 18:1996;1-16.
    • (1996) Journal of Macroeconomics , vol.18 , pp. 1-16
    • Ferderer, J.P.1
  • 22
    • 0040788529 scopus 로고    scopus 로고
    • Perfect competition and the effects of energy price increases on economic activity
    • Finn M.G. Perfect competition and the effects of energy price increases on economic activity. Journal of Money, Credit, and Banking. 32:2000;400-416.
    • (2000) Journal of Money, Credit, and Banking , vol.32 , pp. 400-416
    • Finn, M.G.1
  • 23
  • 25
    • 85017128111 scopus 로고
    • Oil and the macroeconomy since World War II
    • Hamilton J.D. Oil and the macroeconomy since World War II. Journal of Political Economy. 91:1983;228-248.
    • (1983) Journal of Political Economy , vol.91 , pp. 228-248
    • Hamilton, J.D.1
  • 26
    • 0002115055 scopus 로고
    • Historical causes of postwar oil shocks and recessions
    • Hamilton J.D. Historical causes of postwar oil shocks and recessions. Energy Journal. 6:1985;97-116.
    • (1985) Energy Journal , vol.6 , pp. 97-116
    • Hamilton, J.D.1
  • 27
    • 0000371706 scopus 로고
    • A neoclassical model of unemployment and the business cycle
    • Hamilton J.D. A neoclassical model of unemployment and the business cycle. Journal of Political Economy. 96:1988;593-617.
    • (1988) Journal of Political Economy , vol.96 , pp. 593-617
    • Hamilton, J.D.1
  • 29
    • 0030268612 scopus 로고    scopus 로고
    • This is what happened to the oil price-macroeconomy relationship
    • Hamilton J.D. This is what happened to the oil price-macroeconomy relationship. Journal of Monetary Economics. 38:1996;215-220.
    • (1996) Journal of Monetary Economics , vol.38 , pp. 215-220
    • Hamilton, J.D.1
  • 30
    • 0034985811 scopus 로고    scopus 로고
    • A parametric approach to flexible nonlinear inference
    • Hamilton J.D. A parametric approach to flexible nonlinear inference. Econometrica. 69:2001;537-573.
    • (2001) Econometrica , vol.69 , pp. 537-573
    • Hamilton, J.D.1
  • 31
    • 84869870285 scopus 로고    scopus 로고
    • Oil shocks and aggregate macroeconomic behavior: The role of monetary policy
    • forthcoming
    • Hamilton, J.D., Herrera, A.M., 2003. Oil shocks and aggregate macroeconomic behavior: the role of monetary policy. Journal of Money, Credit, and Banking, forthcoming.
    • (2003) Journal of Money, Credit, and Banking
    • Hamilton, J.D.1    Herrera, A.M.2
  • 32
    • 0031542613 scopus 로고    scopus 로고
    • Approximate asymptotic p -values for structural change tests
    • Hansen B.E. Approximate asymptotic. p -values for structural change tests Journal of Business and Economic Statistics. 15:1997;60-67.
    • (1997) Journal of Business and Economic Statistics , vol.15 , pp. 60-67
    • Hansen, B.E.1
  • 33
    • 0001881458 scopus 로고    scopus 로고
    • Testing for structural change in conditional models
    • Hansen B.E. Testing for structural change in conditional models. Journal of Econometrics. 97:2000;93-115.
    • (2000) Journal of Econometrics , vol.97 , pp. 93-115
    • Hansen, B.E.1
  • 34
    • 0030268594 scopus 로고    scopus 로고
    • What happened to the oil price-macroeconomy relationship?
    • Hooker M.A. What happened to the oil price-macroeconomy relationship? Journal of Monetary Economics. 38:1996;195-213.
    • (1996) Journal of Monetary Economics , vol.38 , pp. 195-213
    • Hooker, M.A.1
  • 35
    • 0004098181 scopus 로고    scopus 로고
    • Oil and the macroeconomy revisited
    • Board of Governors of the Federal Reserve System
    • Hooker, M.A., 1999. Oil and the macroeconomy revisited. Working paper, Board of Governors of the Federal Reserve System.
    • (1999) Working Paper
    • Hooker, M.A.1
  • 36
    • 0002579647 scopus 로고
    • Post hoc ergo propter once more: An evaluation of'does monetary policy matter?'in the spirit of James Tobin
    • Hoover K.D., Perez S.J. Post hoc ergo propter once more: an evaluation of'does monetary policy matter?' in the spirit of James Tobin. Journal of Monetary Economics. 34:1994;89-99.
    • (1994) Journal of Monetary Economics , vol.34 , pp. 89-99
    • Hoover, K.D.1    Perez, S.J.2
  • 37
    • 0030429028 scopus 로고    scopus 로고
    • The employment and wage effects of oil price changes: A sectoral analysis
    • Keane M.P., Prasad E. The employment and wage effects of oil price changes. a sectoral analysis Review of Economics and Statistics. 78:1996;389-400.
    • (1996) Review of Economics and Statistics , vol.78 , pp. 389-400
    • Keane, M.P.1    Prasad, E.2
  • 38
    • 0000077571 scopus 로고
    • The role of energy in real business cycle models
    • Kim I., Loungani P. The role of energy in real business cycle models. Journal of Monetary Economics. 29:1992;173-189.
    • (1992) Journal of Monetary Economics , vol.29 , pp. 173-189
    • Kim, I.1    Loungani, P.2
  • 39
    • 0036084365 scopus 로고    scopus 로고
    • On the dynamic effects of oil price shocks: A study using industry level data
    • Lee K., Ni S. On the dynamic effects of oil price shocks: a study using industry level data. Journal of Monetary Economics. 49:2002;823-852.
    • (2002) Journal of Monetary Economics , vol.49 , pp. 823-852
    • Lee, K.1    Ni, S.2
  • 40
    • 0029481013 scopus 로고
    • Oil shocks and the macroeconomy: The role of price variability
    • Lee K., Ni S., Ratti R.A. Oil shocks and the macroeconomy. the role of price variability Energy Journal. 16:1995;39-56.
    • (1995) Energy Journal , vol.16 , pp. 39-56
    • Lee, K.1    Ni, S.2    Ratti, R.A.3
  • 41
    • 0000646020 scopus 로고
    • Oil price shocks and the dispersion hypothesis
    • Loungani P. Oil price shocks and the dispersion hypothesis. Review of Economics and Statistics. 58:1986;536-539.
    • (1986) Review of Economics and Statistics , vol.58 , pp. 536-539
    • Loungani, P.1
  • 42
    • 0000118629 scopus 로고    scopus 로고
    • Output fluctuations in the United States: What has changed since the early 1980's?
    • McConnell M.M., Perez-Quiros G. Output fluctuations in the United States. what has changed since the early 1980's? American Economic Review. 90:2000;1464-1476.
    • (2000) American Economic Review , vol.90 , pp. 1464-1476
    • Mcconnell, M.M.1    Perez-Quiros, G.2
  • 43
    • 0000712639 scopus 로고
    • Oil and the macroeconomy when prices go up and down: An extension of Hamilton's results
    • Mork K.A. Oil and the macroeconomy when prices go up and down. an extension of Hamilton's results Journal of Political Economy. 91:1989;740-744.
    • (1989) Journal of Political Economy , vol.91 , pp. 740-744
    • Mork, K.A.1
  • 44
    • 0003048232 scopus 로고
    • Business cycles and the oil market
    • special issue
    • Mork K.A. Business cycles and the oil market. (special issue) Energy Journal. 15:1994;15-37.
    • (1994) Energy Journal , vol.15 , pp. 15-37
    • Mork, K.A.1
  • 45
    • 0002055750 scopus 로고
    • Energy prices, inflation, and recession, 1974-1975
    • Mork K.A., Hall R.E. Energy prices, inflation, and recession, 1974-1975. Energy Journal. 1:1980;31-63.
    • (1980) Energy Journal , vol.1 , pp. 31-63
    • Mork, K.A.1    Hall, R.E.2
  • 46
    • 0028732234 scopus 로고
    • Macroeconomic responses to oil price increases and decreases in seven OECD countries
    • Mork K.A., Olsen Ø., Mysen H.J. Macroeconomic responses to oil price increases and decreases in seven OECD countries. Energy Journal. 15:1994;19-35.
    • (1994) Energy Journal , vol.15 , pp. 19-35
    • Mork, K.A.1    Olsen, Ø.2    Mysen, H.J.3
  • 47
    • 0347567604 scopus 로고    scopus 로고
    • Credit, the stock market, and oil
    • University of Oxford, June 2001
    • Muellbauer, J., Nunziata, L., 2001. Credit, the stock market, and oil. Working paper, University of Oxford, June 2001.
    • (2001) Working Paper
    • Muellbauer, J.1    Nunziata, L.2
  • 49
    • 0002578645 scopus 로고
    • Energy price increases and macroeconomic policy
    • Pindyck R.S. Energy price increases and macroeconomic policy. Energy Journal. 1:1980;1-20.
    • (1980) Energy Journal , vol.1 , pp. 1-20
    • Pindyck, R.S.1
  • 51
    • 49149136144 scopus 로고
    • Energy price shocks, aggregate supply, and monetary policy: The theory and international evidence
    • K. Brunner, & A.H. Meltzer. Supply Shocks, Incentives, and National Wealth, Amsterdam: North Holland
    • Rasche R.H., Tatom J.A. Energy price shocks, aggregate supply, and monetary policy: the theory and international evidence. Brunner K., Meltzer A.H. Supply Shocks, Incentives, and National Wealth. Carnegie-Rochester Conference Series on Public Policy. Vol. 14:1981;North Holland, Amsterdam.
    • (1981) Carnegie-Rochester Conference Series on Public Policy , vol.14
    • Rasche, R.H.1    Tatom, J.A.2
  • 52
    • 0039468043 scopus 로고    scopus 로고
    • Oil and the macroeconomy: A Markov state-switching approach
    • Erratum 29, 555
    • Raymond, J.E., Rich, R.W., 1997. Oil and the macroeconomy: a Markov state-switching approach. Journal of Money, Credit and Banking 29, 193-213; Erratum 29, 555.
    • (1997) Journal of Money, Credit and Banking , vol.29 , pp. 193-213
    • Raymond, J.E.1    Rich, R.W.2
  • 54
    • 0040955255 scopus 로고    scopus 로고
    • Irreversible capital and the stock market response to shocks in profitability
    • Sakellaris P. Irreversible capital and the stock market response to shocks in profitability. International Economic Review. 38:1997;351-379.
    • (1997) International Economic Review , vol.38 , pp. 351-379
    • Sakellaris, P.1
  • 55
    • 0346306538 scopus 로고
    • The energy-squeeze model: Energy price dynamics in U.S. business cycles
    • Santini D.J. The energy-squeeze model. energy price dynamics in U.S. business cycles International Journal of Energy Systems. 5:1985;18-25.
    • (1985) International Journal of Energy Systems , vol.5 , pp. 18-25
    • Santini, D.J.1
  • 56
    • 77958451393 scopus 로고
    • Energy and the macroeconomy: Capital spending after an energy cost shock
    • Moroney, J. (Ed.), J.A.I. Press, Freenwich, CN
    • Santini, D.J., 1992. Energy and the macroeconomy: capital spending after an energy cost shock. In: Moroney, J. (Ed.), Advances in the Economics of Energy and Resources, Vol. 7. J.A.I. Press, Freenwich, CN.
    • (1992) Advances in the Economics of Energy and Resources , vol.7
    • Santini, D.J.1
  • 57
    • 0346936598 scopus 로고
    • Verification of energy's role as a determinant of U.S. economic activity
    • Moroney, J. (Ed.), J.A.I. Press, Greenwich, CN
    • Santini, D.J., 1994. Verification of energy's role as a determinant of U.S. economic activity. In: Moroney, J. (Ed.), Advances in the Economics of Energy and Resources, Vol. 8. J.A.I. Press, Greenwich, CN.
    • (1994) Advances in the Economics of Energy and Resources , vol.8
    • Santini, D.J.1
  • 58
    • 0002353158 scopus 로고
    • What to do (macroeconomically) when OPEC comes
    • S. Fischer. Chicago: University of Chicago Press
    • Solow R.M. What to do (macroeconomically) when OPEC comes. Fischer S. Rational Expectations and Economic Policy. 1980;University of Chicago Press, Chicago.
    • (1980) Rational Expectations and Economic Policy
    • Solow, R.M.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.