Working Paper: NBER ID: w16186
Authors: James D. Hamilton
Abstract: This paper reviews some of the literature on the macroeconomic effects of oil price shocks with a particular focus on possible nonlinearities in the relation and recent new results obtained by Kilian and Vigfusson (2009).
Keywords: No keywords provided
JEL Codes: E32; Q43
Edges that are evidenced by causal inference methods are in orange, and the rest are in light blue.
| Cause | Effect |
|---|---|
| Oil price increases (Q31) | Recessions (E32) |
| Oil price increases (Q31) | Reduced consumer spending (D12) |
| Oil price increases (Q31) | Economic contraction (E32) |
| Oil price increases (Q31) | GDP growth (O49) |
| Oil price decreases (Q31) | GDP growth (O49) |
| Sectoral shifts and labor market adjustments (F16) | Economic response to oil price shocks (Q43) |