Declining effects of oil price shocks

Munechika Katayama*

*この研究の対応する著者

研究成果: Article査読

21 被引用数 (Scopus)

抄録

In recent years, output responses to oil price shocks have not only been weaker, but have also reached their trough earlier. This paper builds a model that incorporates a realistic structure of U.S. petroleum consumption and explores three possible explanations for the changes. The possible factors considered are (i) deregulation in the transportation industry, (ii) improved energy efficiency, and (iii) a lower degree of persistence of oil price shocks. Under realistic parameter values, the three factors play an important role quantitatively, accounting for half of the reduction in the largest impact on output of an oil price shock over time.

本文言語English
ページ(範囲)977-1016
ページ数40
ジャーナルJournal of Money, Credit and Banking
45
6
DOI
出版ステータスPublished - 2013 9
外部発表はい

ASJC Scopus subject areas

  • 会計
  • 財務
  • 経済学、計量経済学

フィンガープリント

「Declining effects of oil price shocks」の研究トピックを掘り下げます。これらがまとまってユニークなフィンガープリントを構成します。

引用スタイル