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The Industrial Impact of Oil Price Shocks: Evidence from the Industries of Six OECD Countries


Rebeca Jiménez-Rodríguez


University of Salamanca - Departamento de Economia e Historia Economica

October 5, 2007

Banco de España Research Paper No. WP-0731

Abstract:     
Most of the studies existing in theoretical and empirical understanding of the macroeconomic consequences of oil price shocks have been focused on US aggregate data. In contrast to these studies, this paper assesses empirically the dynamic effects of oil price shocks on the output of the main manufacturing industries in six OECD countries using an identified vector autoregression for each economy. The pattern of responses to an oil price shock by industrial output is diverse across the four European Monetary Union (EMU) countries under consideration (France, Germany, Italy, and Spain), but broadly similar in the UK and the US. Evidence on cross-industry heterogeneity of oil shock effects within the EMU countries is also reported. Moreover, our baseline results are quite robust with respect to changes in the number of lags, identification assumptions, and real oil price definition.

Number of Pages in PDF File: 51

Keywords: oil price shock, identified VAR, manufacturing industries

JEL Classification: E32, Q43

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Date posted: October 5, 2007  

Suggested Citation

Jiménez-Rodríguez, Rebeca, The Industrial Impact of Oil Price Shocks: Evidence from the Industries of Six OECD Countries (October 5, 2007). Banco de España Research Paper No. WP-0731. Available at SSRN: http://ssrn.com/abstract=1019446 or http://dx.doi.org/10.2139/ssrn.1019446

Contact Information

Rebeca Jiménez-Rodríguez (Contact Author)
University of Salamanca - Departamento de Economia e Historia Economica ( email )
Salamanca 37008
Spain
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