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Industry effects of oil price shocks: A re-examination*

* This paper is a replication of an original study

Author

Listed:
  • Jo, Soojin
  • Karnizova, Lilia
  • Reza, Abeer
Abstract
Sectoral responses to oil price shocks help determine how these shocks are transmitted throughout the economy. Textbook treatments of oil price shocks often emphasize negative supply, or cost, effects on oil importing countries. By contrast, the seminal contribution of Lee and Ni (2002) has shown that almost all U.S. industries experience oil price shocks largely through a reduction in their respective demands. Only industries with very high oil intensities face a supply-driven reduction. In this paper, we re-examine this seminal finding using two additional decades of data. Further, we apply updated empirical methods, including structural factor-augmented vector autoregressions that take into account how industries are linked among themselves and with the remainder of the macro-economy. Our results confirm the original finding of Lee and Ni that demand effects of oil price shocks dominate in all but a handful of U.S. industries.

Suggested Citation

  • Jo, Soojin & Karnizova, Lilia & Reza, Abeer, 2019. "Industry effects of oil price shocks: A re-examination," Energy Economics, Elsevier, vol. 82(C), pages 179-190.
  • Handle: RePEc:eee:eneeco:v:82:y:2019:i:c:p:179-190
    DOI: 10.1016/j.eneco.2018.12.010
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    5. Lu, Xunfa & He, Pengchao & Zhang, Zhengjun & Apergis, Nicholas & Roubaud, David, 2024. "Extreme co-movements between decomposed oil price shocks and sustainable investments," Energy Economics, Elsevier, vol. 134(C).
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    13. Darko B. Vuković & Senanu Dekpo-Adza & Vladislav Khmelnitskiy & Mustafa Özer, 2023. "Spillovers across the Asian OPEC+ Financial Market," Mathematics, MDPI, vol. 11(18), pages 1-23, September.
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    Replication

    This item is a replication of:
  • Lee, Kiseok & Ni, Shawn, 2002. "On the dynamic effects of oil price shocks: a study using industry level data," Journal of Monetary Economics, Elsevier, vol. 49(4), pages 823-852, May.
  • More about this item

    Keywords

    Oil price shocks; Industry supply and demand; SVAR; FAVAR;
    All these keywords.

    JEL classification:

    • E30 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - General (includes Measurement and Data)
    • Q42 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Alternative Energy Sources

    Lists

    This item is featured on the following reading lists, Wikipedia, or ReplicationWiki pages:
    1. Industry effects of oil price shocks: A re-examination (Energy Economics 2019) in ReplicationWiki

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