Arbeitspapier
Oil Price Shocks and Monetary Policy in a Data-Rich Environment
This paper examines the impact of different types of oil price shocks on the U.S. economy, using a factor-augmented VAR (FAVAR) approach. The results indicate that when examining the effects of oil price shocks, it is important to account for the interaction between the oil market and the macroeconomy. I find that oil demand shocks are more important than oil supply shocks in driving several macroeconomic variables, and that the origin of demand shocks matter. Specifically, the U.S. economy and monetary policy respond differently to global demand shocks that have the effect of raising the price of oil and to oil-specific demand shocks.
- ISBN
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978-82-7553-744-5
- Language
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Englisch
- Bibliographic citation
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Series: Working Paper ; No. 2013/10
- Classification
-
Wirtschaft
Price Level; Inflation; Deflation
Business Fluctuations; Cycles
Energy and the Macroeconomy
- Subject
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FAVAR
oil demand shocks
oil supply shocks
business cycle
monetary policy
factor model
- Event
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Geistige Schöpfung
- (who)
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Aastveit, Knut Are
- Event
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Veröffentlichung
- (who)
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Norges Bank
- (where)
-
Oslo
- (when)
-
2013
- Handle
- Last update
-
10.03.2025, 11:43 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Aastveit, Knut Are
- Norges Bank
Time of origin
- 2013
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