The Effects of Oil Price Changes on the Industry-Level Production and Prices in the U.S. and Japan
作者： Ichiro Fukunaga , Naohisa Hirakata , Nao Sudo
DOI: 10.3386/W15791
关键词:
摘要: In this paper, we decompose oil price changes into their component parts following Kilian (2009) and estimate the dynamic effects of each on industry-level production prices in U.S. Japan using identified VAR models. The way affect industry depends what kind underlying shock drives as well characteristics. Unexpected disruptions supply act mainly negative shocks for oil- intensive industries demand less industries. For most U.S., to global all industrial commodities positive shocks, that are specific market shocks. Japan, oil-specific many
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