This setting lets you change the way you view articles. You can choose to have articles open in a dialog window, a new tab, or directly in the same window.
Open in Dialog
Open in New Tab
Open in same window
Open in New Tab
Open in same window
American Economic Review: Vol. 99 No. 3 (June 2009)
AER Volume. 99, Issue 3 | 
Previous ArticleNext Article
Sign up for Email Alerts Follow us on Twitter
AER Forthcoming Articles
Full-text Article
Download Data Set (16.36 KB)
Previous ArticleNext Article
Expand
Quick Tools:
Print Article Summary Email Link to this Article Export CitationSign up for Email Alerts Follow us on Twitter
Explore:
AER Forthcoming Articles
Not All Oil Price Shocks Are Alike: Disentangling Demand and Supply Shocks in the Crude Oil Market
Article Citation
Kilian, Lutz. 2009. "Not All Oil Price Shocks Are Alike: Disentangling Demand and Supply Shocks in the Crude Oil Market."
American Economic Review,
99(3): 1053-69.
DOI: 10.1257/aer.99.3.1053
DOI: 10.1257/aer.99.3.1053
Abstract
Shocks to the real price of oil may reflect oil supply shocks, shocks to the global demand for all industrial commodities, or demand shocks that are specific to the crude oil market. Each shock has different effects on the real price of oil and on US macroeconomic aggregates. Changes in the composition of shocks help explain why regressions of macroeconomic aggregates on oil prices tend to be unstable. Evidence that the recent surge in oil prices was driven primarily by global demand shocks helps explain why this shock so far has failed to cause a major recession in the United States. (JEL E31, E32, Q41, Q43)
Article Full-Text Access
Full-text Article
Additional Materials
Download Data Set (16.36 KB)
Authors
Kilian, Lutz (U MI)
JEL Classifications
E31: Price Level; Inflation; Deflation
E32: Business Fluctuations; Cycles
Q41: Energy: Demand and Supply
Q43: Energy and the Macroeconomy
E32: Business Fluctuations; Cycles
Q41: Energy: Demand and Supply
Q43: Energy and the Macroeconomy
