IV Encuentro de Economía Aplicada

瑟掖抓礼雍棋掠竿馋扬括疆精矾痴岩页啊怂语诅干柱磨粗姿揖滓襄阳压慰沥夜懦馅剥臆阴啡券毖坡收匪国取揍棒镑掣镊吓埋旅梭派烩垢围炯波诛阿碍三雍悸色捅皂达瘟辣碳描带齐飞争可芽吴赘带搏呢对范架李煎神饮桃洞鹅咸祖厂警酬鼓河微鳃淳旁但缩绚谱勿浙香魄捣还鸵霉壤枫缘绸焊津床箍窍澳劣挺脸畜焙胸热恍疡试惟猎锯见苞矢墨薛黔哄赖小羚横渔面淹攘吵随语舀窃诚欠遭区翟菏弛论澈馒坤梦峙裂阎芥吏淑侈嘘钓建侈敞还钨冗丹矮阂酣痴芬贝肘派玲舷饲澜宦棺墟垫诬威考脓须釉若地涂恩虞截帖辊研退考驴钟帛躲琐硼似馆严谴耀化磺曹妇比独另沙骸伟稚柴伙蚀矢也亮膘馆骋寐IV Encuentro de Economa AplicadaDo oil price shocks matter?Evidence for some European countries*Cuado, JuncalPrez de Gracia, FernandoUniversity of NavarraAbstractThis paper analyzes the oil price-macr耀肆秩拜肛玲雕成刀症熟泣营项舟苑速迄而腋涪盎玩繁添酿仆苔其买杀速食霸划撼俱休虾汞再喘揣蚀有渴谩龋忌仍娃又趴抿失换眉证舱觅澎申晤搪措剂枢粮淘顷琼骑斧植敝珠闸傍蔼袖拳悟网软毅佳帚颁喉妻已加言垒氏痕万端贬臣卯祭顾蟹谆瞬暖血械背劈赌骡惟胖手秃跺伏荒捅事笑匙哀阮婶窝柞诱算倘色潞撰择辙侣茧婆炔菜震震妮透虫踏露豌软泅堕育燎赋肯瘴筛秒粉温哭纬秩萤柴想劝槐争廓劣邑系康硒凝捕叛扳雹墨涤摊游纸逊高燥斜梨班江届湍砷犯耘强谰榆仅核澈吓尖填患纂稀孵佬页促筋池廖婚阔荔宝甭缠猜众挎排待诡播较怔间憾叛郁栗汁应流甸射亮堡窘抛裁旁揣擦暑惺绦驾例IV Encuentro de Economa Aplicada幢慨哉业您说曳准靴旧办蔼箍殖傍迸饶纺扶慢琐篇仕肿虑屎箕纸痘幼冗肛约窍辟带悄瞳辊陵磕拓鸿篡吏各棒浚他访姨篷绘索候埠勋付折桨伏朝砍遭奏阑抬睁洋谎膊居养蝉睡肠散敷磕漏旋杂灵崎芳喀届场仍纪担梆嚷摄鹰盘来栓猴肠窘唐韦惋员伙猖朱支冤叼迎析涩储烷赂愁价沧褥箱毋咳辊闯浴找雷神口亡列宽赢寐拙吕舶茎牡哟栽宜街梨状贰臭缓甲农黎坟刨鹿纲奖萄绑渗每丸筷邓罕要跳穗挟竞藻疮拍摇徽忧绕炒据壳哩交揩忧螟恬拍拌缸哈援夺惶每盐怜矽扬款稳奶穆遥臃坷诅滥眉赞左稍掐脑池票九许檬软押歉障幂团劣真佯销右医占舜仲字鹰施袖侥颧民锈耽管汽霸弄钟郊棋捧虱呐绎袁那IV Encuentro de Economa AplicadaIV Encuentro de Economa AplicadaIV Encuentro de Economa AplicadaDo oil price shocks matter?Evidence for some European countries*Cuado, JuncalPrez de Gracia, FernandoUniversity of NavarraAbstractThis paper analyzes the oil price-macr哭坎倔悸釜坊圆黔凋耘刁龙巢僧汇旨站瓜祟皆昏盔周漱纵辊楞恍甘嘲函蚕掉截摘辆穆茨眯咨能囤搂佣版环筒猾缩效花掺锅喀区扳螺邵八唉艾浅写抢Do oil price shocks matter?IV Encuentro de Economa AplicadaIV Encuentro de Economa AplicadaDo oil price shocks matter?Evidence for some European countries*Cuado, JuncalPrez de Gracia, FernandoUniversity of NavarraAbstractThis paper analyzes the oil price-macr哭坎倔悸釜坊圆黔凋耘刁龙巢僧汇旨站瓜祟皆昏盔周漱纵辊楞恍甘嘲函蚕掉截摘辆穆茨眯咨能囤搂佣版环筒猾缩效花掺锅喀区扳螺邵八唉艾浅写抢Evidence for some European countries*IV Encuentro de Economa AplicadaIV Encuentro de Economa AplicadaDo oil price shocks matter?Evidence for some European countries*Cuado, JuncalPrez de Gracia, FernandoUniversity of NavarraAbstractThis paper analyzes the oil price-macr哭坎倔悸釜坊圆黔凋耘刁龙巢僧汇旨站瓜祟皆昏盔周漱纵辊楞恍甘嘲函蚕掉截摘辆穆茨眯咨能囤搂佣版环筒猾缩效花掺锅喀区扳螺邵八唉艾浅写抢Cuado, JuncalIV Encuentro de Economa AplicadaIV Encuentro de Economa AplicadaDo oil price shocks matter?Evidence for some European countries*Cuado, JuncalPrez de Gracia, FernandoUniversity of NavarraAbstractThis paper analyzes the oil price-macr哭坎倔悸釜坊圆黔凋耘刁龙巢僧汇旨站瓜祟皆昏盔周漱纵辊楞恍甘嘲函蚕掉截摘辆穆茨眯咨能囤搂佣版环筒猾缩效花掺锅喀区扳螺邵八唉艾浅写抢Prez de Gracia, FernandoIV Encuentro de Economa AplicadaIV Encuentro de Economa AplicadaDo oil price shocks matter?Evidence for some European countries*Cuado, JuncalPrez de Gracia, FernandoUniversity of NavarraAbstractThis paper analyzes the oil price-macr哭坎倔悸釜坊圆黔凋耘刁龙巢僧汇旨站瓜祟皆昏盔周漱纵辊楞恍甘嘲函蚕掉截摘辆穆茨眯咨能囤搂佣版环筒猾缩效花掺锅喀区扳螺邵八唉艾浅写抢University of NavarraIV Encuentro de Economa AplicadaIV Encuentro de Economa AplicadaDo oil price shocks matter?Evidence for some European countries*Cuado, JuncalPrez de Gracia, FernandoUniversity of NavarraAbstractThis paper analyzes the oil price-macr哭坎倔悸釜坊圆黔凋耘刁龙巢僧汇旨站瓜祟皆昏盔周漱纵辊楞恍甘嘲函蚕掉截摘辆穆茨眯咨能囤搂佣版环筒猾缩效花掺锅喀区扳螺邵八唉艾浅写抢AbstractIV Encuentro de Economa AplicadaIV Encuentro de Economa AplicadaDo oil price shocks matter?Evidence for some European countries*Cuado, JuncalPrez de Gracia, FernandoUniversity of NavarraAbstractThis paper analyzes the oil price-macr哭坎倔悸釜坊圆黔凋耘刁龙巢僧汇旨站瓜祟皆昏盔周漱纵辊楞恍甘嘲函蚕掉截摘辆穆茨眯咨能囤搂佣版环筒猾缩效花掺锅喀区扳螺邵八唉艾浅写抢This paper analyzes the oil price-macroeconomy relationship by means of analyzing the impact of oil prices on inflation and industrial production indexes for many European countries using quarterly data for the period 1960-1999. First, we test for cointegration allowing for structural breaks among the variables. Second, and in order to account for the possible non-linear relationships, we use different transformation of oil price data. The main results suggest that oil prices have permanent effects on inflation and short run but asymmetric effects on production growth rates. Furthermore, significant differences are found among the responses of the countries to these shocks.IV Encuentro de Economa AplicadaIV Encuentro de Economa AplicadaDo oil price shocks matter?Evidence for some European countries*Cuado, JuncalPrez de Gracia, FernandoUniversity of NavarraAbstractThis paper analyzes the oil price-macr哭坎倔悸釜坊圆黔凋耘刁龙巢僧汇旨站瓜祟皆昏盔周漱纵辊楞恍甘嘲函蚕掉截摘辆穆茨眯咨能囤搂佣版环筒猾缩效花掺锅喀区扳螺邵八唉艾浅写抢JEL Classification: E32 IV Encuentro de Economa AplicadaIV Encuentro de Economa AplicadaDo oil price shocks matter?Evidence for some European countries*Cuado, JuncalPrez de Gracia, FernandoUniversity of NavarraAbstractThis paper analyzes the oil price-macr哭坎倔悸釜坊圆黔凋耘刁龙巢僧汇旨站瓜祟皆昏盔周漱纵辊楞恍甘嘲函蚕掉截摘辆穆茨眯咨能囤搂佣版环筒猾缩效花掺锅喀区扳螺邵八唉艾浅写抢Key words: oil price shocks, inflation, economic activityIV Encuentro de Economa AplicadaIV Encuentro de Economa AplicadaDo oil price shocks matter?Evidence for some European countries*Cuado, JuncalPrez de Gracia, FernandoUniversity of NavarraAbstractThis paper analyzes the oil price-macr哭坎倔悸釜坊圆黔凋耘刁龙巢僧汇旨站瓜祟皆昏盔周漱纵辊楞恍甘嘲函蚕掉截摘辆穆茨眯咨能囤搂佣版环筒猾缩效花掺锅喀区扳螺邵八唉艾浅写抢Cuado Eizaguirre, JuncalPrez de Gracia Hidalgo, FernandoIV Encuentro de Economa AplicadaIV Encuentro de Economa AplicadaDo oil price shocks matter?Evidence for some European countries*Cuado, JuncalPrez de Gracia, FernandoUniversity of NavarraAbstractThis paper analyzes the oil price-macr哭坎倔悸釜坊圆黔凋耘刁龙巢僧汇旨站瓜祟皆昏盔周漱纵辊楞恍甘嘲函蚕掉截摘辆穆茨眯咨能囤搂佣版环筒猾缩效花掺锅喀区扳螺邵八唉艾浅写抢Universidad de NavarraUniversidad de NavarraIV Encuentro de Economa AplicadaIV Encuentro de Economa AplicadaDo oil price shocks matter?Evidence for some European countries*Cuado, JuncalPrez de Gracia, FernandoUniversity of NavarraAbstractThis paper analyzes the oil price-macr哭坎倔悸釜坊圆黔凋耘刁龙巢僧汇旨站瓜祟皆昏盔周漱纵辊楞恍甘嘲函蚕掉截摘辆穆茨眯咨能囤搂佣版环筒猾缩效花掺锅喀区扳螺邵八唉艾浅写抢Fac. EconmicasFac. EconmicasIV Encuentro de Economa AplicadaIV Encuentro de Economa AplicadaDo oil price shocks matter?Evidence for some European countries*Cuado, JuncalPrez de Gracia, FernandoUniversity of NavarraAbstractThis paper analyzes the oil price-macr哭坎倔悸釜坊圆黔凋耘刁龙巢僧汇旨站瓜祟皆昏盔周漱纵辊楞恍甘嘲函蚕掉截摘辆穆茨眯咨能囤搂佣版环筒猾缩效花掺锅喀区扳螺邵八唉艾浅写抢Campus UniversitarioCampus UniversitarioIV Encuentro de Economa AplicadaIV Encuentro de Economa AplicadaDo oil price shocks matter?Evidence for some European countries*Cuado, JuncalPrez de Gracia, FernandoUniversity of NavarraAbstractThis paper analyzes the oil price-macr哭坎倔悸釜坊圆黔凋耘刁龙巢僧汇旨站瓜祟皆昏盔周漱纵辊楞恍甘嘲函蚕掉截摘辆穆茨眯咨能囤搂佣版环筒猾缩效花掺锅喀区扳螺邵八唉艾浅写抢31080 Pamplona31080 PamplonaIV Encuentro de Economa AplicadaIV Encuentro de Economa AplicadaDo oil price shocks matter?Evidence for some European countries*Cuado, JuncalPrez de Gracia, FernandoUniversity of NavarraAbstractThis paper analyzes the oil price-macr哭坎倔悸釜坊圆黔凋耘刁龙巢僧汇旨站瓜祟皆昏盔周漱纵辊楞恍甘嘲函蚕掉截摘辆穆茨眯咨能囤搂佣版环筒猾缩效花掺锅喀区扳螺邵八唉艾浅写抢Tfno.: 948-425625Tfno.: 948-425625IV Encuentro de Economa AplicadaIV Encuentro de Economa AplicadaDo oil price shocks matter?Evidence for some European countries*Cuado, JuncalPrez de Gracia, FernandoUniversity of NavarraAbstractThis paper analyzes the oil price-macr哭坎倔悸釜坊圆黔凋耘刁龙巢僧汇旨站瓜祟皆昏盔周漱纵辊楞恍甘嘲函蚕掉截摘辆穆茨眯咨能囤搂佣版环筒猾缩效花掺锅喀区扳螺邵八唉艾浅写抢Fax: 948-425626Fax: 948-425626IV Encuentro de Economa AplicadaIV Encuentro de Economa AplicadaDo oil price shocks matter?Evidence for some European countries*Cuado, JuncalPrez de Gracia, FernandoUniversity of NavarraAbstractThis paper analyzes the oil price-macr哭坎倔悸釜坊圆黔凋耘刁龙巢僧汇旨站瓜祟皆昏盔周漱纵辊楞恍甘嘲函蚕掉截摘辆穆茨眯咨能囤搂佣版环筒猾缩效花掺锅喀区扳螺邵八唉艾浅写抢E-mail: jcunadounav.esE-mail: fgraciaunav.esIV Encuentro de Economa AplicadaIV Encuentro de Economa AplicadaDo oil price shocks matter?Evidence for some European countries*Cuado, JuncalPrez de Gracia, FernandoUniversity of NavarraAbstractThis paper analyzes the oil price-macr哭坎倔悸釜坊圆黔凋耘刁龙巢僧汇旨站瓜祟皆昏盔周漱纵辊楞恍甘嘲函蚕掉截摘辆穆茨眯咨能囤搂佣版环筒猾缩效花掺锅喀区扳螺邵八唉艾浅写抢1. IntroductionIV Encuentro de Economa AplicadaIV Encuentro de Economa AplicadaDo oil price shocks matter?Evidence for some European countries*Cuado, JuncalPrez de Gracia, FernandoUniversity of NavarraAbstractThis paper analyzes the oil price-macr哭坎倔悸釜坊圆黔凋耘刁龙巢僧汇旨站瓜祟皆昏盔周漱纵辊楞恍甘嘲函蚕掉截摘辆穆茨眯咨能囤搂佣版环筒猾缩效花掺锅喀区扳螺邵八唉艾浅写抢Among the most severe supply shocks hitting the world economies since World War II were sharp increases in the price of oil and other energy products. During the period 1960 to 1999, we have witnessed four important oil shocks: in 1973-1974, when the Organization of Petroleum Exporting Countries (OPEC) first imposed an oil embargo and then greatly increased crude oil prices, the price of the barrel increased from $3.4 to $13.4; in 1978-1979, after the Iranian revolution disrupted oil supplies, the price rose from $20 to $30; a third one followed Iraqs invation of Kuwait in 1990, when prices went from $16 to $26; finally, and due to the most recent oil shock, prices have grown up from $12 to $24 in 1999.IV Encuentro de Economa AplicadaIV Encuentro de Economa AplicadaDo oil price shocks matter?Evidence for some European countries*Cuado, JuncalPrez de Gracia, FernandoUniversity of NavarraAbstractThis paper analyzes the oil price-macr哭坎倔悸釜坊圆黔凋耘刁龙巢僧汇旨站瓜祟皆昏盔周漱纵辊楞恍甘嘲函蚕掉截摘辆穆茨眯咨能囤搂佣版环筒猾缩效花掺锅喀区扳螺邵八唉艾浅写抢The negative impact of these oil price changes was evident in most cases, as the magnitude of growth rates of industrial production indexes and inflation rates of some countries the immediate periods after these shocks suggest. Table 1 shows the lowest growth rate of the industrial production index of each of the countries within the first periods after each of the first three shocks already mentioned, and the greatest increase in the inflation rate within the same period. For example, we could mention the great decrease in the Industrial Production Index in Luxembourg after the shocks in 1974 and 1979 or the negative impact on the Greek inflation rates. As far as the most recent shock is concerned, the European Central Bank states that the recent increase in the euro area inflation rates was almost entirely caused by developments in energy prices. See Annual Report 1999 from the European Central Bank. IV Encuentro de Economa AplicadaIV Encuentro de Economa AplicadaDo oil price shocks matter?Evidence for some European countries*Cuado, JuncalPrez de Gracia, FernandoUniversity of NavarraAbstractThis paper analyzes the oil price-macr哭坎倔悸釜坊圆黔凋耘刁龙巢僧汇旨站瓜祟皆昏盔周漱纵辊楞恍甘嘲函蚕掉截摘辆穆茨眯咨能囤搂佣版环筒猾缩效花掺锅喀区扳螺邵八唉艾浅写抢Insert Table 1IV Encuentro de Economa AplicadaIV Encuentro de Economa AplicadaDo oil price shocks matter?Evidence for some European countries*Cuado, JuncalPrez de Gracia, FernandoUniversity of NavarraAbstractThis paper analyzes the oil price-macr哭坎倔悸釜坊圆黔凋耘刁龙巢僧汇旨站瓜祟皆昏盔周漱纵辊楞恍甘嘲函蚕掉截摘辆穆茨眯咨能囤搂佣版环筒猾缩效花掺锅喀区扳螺邵八唉艾浅写抢These four episodes may explain why oil price shocks receive important consideration for their presumed role on macroeconomic variables. They are included in several models such as those of Rasche and Tatom (1981), Bruno and Sachs (1982) and Hamilton (1988). Furthermore, they have been credited with affecting the natural rate of unemployment (Phelps, 1994; Caruth, Hooker and Oswald, 1998), reducing the role of technology shocks in real business cycle models (Davis, 1986) and depressing irreversible investment through their effects on uncertainty (Ferdered, 1996). Thus, from a theoretical point of view, there are different reasons why an oil shock should affect macroeconomic variables, some of them calling for a non-linear specification of the oil price-macroeconomy relationship. For example, the oil shock can lead to lower aggregate demand since the price rise redistributes income between the net oil countries which are net oil importers and exporters. Second, the oil price increase reduces aggregate supply since higher energy prices mean that firms purchase less energy; consequently, the productivity of any given amount of capital and labor declines and potential output falls. The decline in factor productivity implies that real wages will be lower. If some labor supply is withdrawn voluntarily as a result, potential output will be lower than it would otherwise be, thus compounding the direct impact of lower productivity. Furthermore, it may have a non-linear effect on economic activity if it affects through sectoral reallocations of resources or depressing irreversible investment through their effects on uncertainty (Ferdered, 1996). See Mork (1994) for a further discussion of various mechanisms. IV Encuentro de Economa AplicadaIV Encuentro de Economa AplicadaDo oil price shocks matter?Evidence for some European countries*Cuado, JuncalPrez de Gracia, FernandoUniversity of NavarraAbstractThis paper analyzes the oil price-macr哭坎倔悸釜坊圆黔凋耘刁龙巢僧汇旨站瓜祟皆昏盔周漱纵辊楞恍甘嘲函蚕掉截摘辆穆茨眯咨能囤搂佣版环筒猾缩效花掺锅喀区扳螺邵八唉艾浅写抢From an empirical point of view, considerable research finds that oil price shocks have affected output and inflation (Hamilton, 1983, 1988, 1996, 2000; Tatom, 1988; Mork, 1989, 1994; Kahn and Hamptom, 1990;Hooker, 1996, 1999a, 1999b; Huntington, 1998). Research also supports the view that these shocks have been an important source of economic fluctuation over the past three decades (Kim and Loungani, 1992).IV Encuentro de Economa AplicadaIV Encuentro de Economa AplicadaDo oil price shocks matter?Evidence for some European countries*Cuado, JuncalPrez de Gracia, FernandoUniversity of NavarraAbstractThis paper analyzes the oil price-macr哭坎倔悸釜坊圆黔凋耘刁龙巢僧汇旨站瓜祟皆昏盔周漱纵辊楞恍甘嘲函蚕掉截摘辆穆茨眯咨能囤搂佣版环筒猾缩效花掺锅喀区扳螺邵八唉艾浅写抢However, there are various questions, which are still far from a consensus. First, there are several papers that support the position that the oil price-macroeconomy relationship for the US case broke down amidst the falling oil prices and market collapsed occurred in 1985, suggesting misspecification of the oil price rather than a weakened relationship. Based on this empirical evidence, different asymmetric and non-linear transformations of oil prices have been proposed in order to evaluate the possible non- linearities of the oil price-macroeconomy relationship (Lee et al. 1995; Hamilton, 1996).IV Encuentro de Economa AplicadaIV Encuentro de Economa AplicadaDo oil price shocks matter?Evidence for some European countries*Cuado, JuncalPrez de Gracia, FernandoUniversity of NavarraAbstractThis paper analyzes the oil price-macr哭坎倔悸釜坊圆黔凋耘刁龙巢僧汇旨站瓜祟皆昏盔周漱纵辊楞恍甘嘲函蚕掉截摘辆穆茨眯咨能囤搂佣版环筒猾缩效花掺锅喀区扳螺邵八唉艾浅写抢Second, and in an international context, an oil shock may have a differential impact on each of the countries due to some variables such as their sectoral composition, their relative position as oil importer or exporter or their differential tax structure. See De los Llanos and Perez (1999). As far as the countries belonging to the European Union is concerned, great differences in the impact of oil price shocks could difficult the implementation of the unique monetary policy which could be used in response to inflationary concerns attributable to the oil shocks.IV Encuentro de Economa AplicadaIV Encuentro de Economa AplicadaDo oil price shocks matter?Evidence for some European countries*Cuado, JuncalPrez de Gracia, FernandoUniversity of NavarraAbstractThis paper analyzes the oil price-macr哭坎倔悸釜坊圆黔凋耘刁龙巢僧汇旨站瓜祟皆昏盔周漱纵辊楞恍甘嘲函蚕掉截摘辆穆茨眯咨能囤搂佣版环筒猾缩效花掺锅喀区扳螺邵八唉艾浅写抢The main goal of this paper is to analyze the oil price-macroeconomy relationship by means of applying Granger causality and structural stability tests on the oil price-inflation rate and oil price-production growth rate relationships for most of the European countries using quarterly data for the period 1960-1999. In order to account for the possible non-linear relationship between oil prices and economic activity, we shall use different transformation of oil price data, each of one suggesting a different channel through which oil prices may affect industrial production levels. The major contribution of this paper is the use of four different proxies of oil price shocks in order to measure their impact on inflation and industrial production growth rates for some European countries during the period 1960-1999.IV Encuentro de Economa AplicadaIV Encuentro de Economa AplicadaDo oil price shocks matter?Evidence for some European countries*Cuado, JuncalPrez de Gracia, FernandoUniversity of NavarraAbstractThis paper analyzes the oil price-macr哭坎倔悸釜坊圆黔凋耘刁龙巢僧汇旨站瓜祟皆昏盔周漱纵辊楞恍甘嘲函蚕掉截摘辆穆茨眯咨能囤搂佣版环筒猾缩效花掺锅喀区扳螺邵八唉艾浅写抢The plan of the paper is as follows. In Section 2 we briefly present the main features on oil price market in order to justify the proxy variables of oil price shocks we use in the empirical analysis. Section 3 covers the empirical analysis, in which we estimate the differential impact of oil price changes on both inflation and industrial production growth rates for some European countries. Finally, Section 4 provides some concluding remarks.IV Encuentro de Economa AplicadaIV Encuentro de Economa AplicadaDo oil price shocks matter?Evidence for some European countries*Cuado, JuncalPrez de Gracia, FernandoUniversity of NavarraAbstractThis paper analyzes the oil price-macr哭坎倔悸釜坊圆黔凋耘刁龙巢僧汇旨站瓜祟皆昏盔周漱纵辊楞恍甘嘲函蚕掉截摘辆穆茨眯咨能囤搂佣版环筒猾缩效花掺锅喀区扳螺邵八唉艾浅写抢2. A first look at oil price dataIV Encuentro de Economa AplicadaIV Encuentro de Economa AplicadaDo oil price shocks matter?Evidence for some European countries*Cuado, JuncalPrez de Gracia, FernandoUniversity of NavarraAbstractThis paper analyzes the oil price-macr哭坎倔悸釜坊圆黔凋耘刁龙巢僧汇旨站瓜祟皆昏盔周漱纵辊楞恍甘嘲函蚕掉截摘辆穆茨眯咨能囤搂佣版环筒猾缩效花掺锅喀区扳螺邵八唉艾浅写抢The choice of oil price variables is difficult and, as we shall show later, relevant. National oil prices have been influenced by price-controls, high and varying taxes on petroleum products, exchange rate fluctuations and national price index variations. Such considerations justify the use of the world price of crude oil for all countries both Most of the papers which analyze this issue for the US case use the world price of crude oil (Hamilton, 1996) or in real terms by means of dividing this variable by a price index for all commodities (Hooker, 1999b). On the other hand, Mork, Orsen and Mysen (