CAMA Centre for Applied Macroeconomic Analysis The Shale Oil Boom and the US Economy : Spillovers and Time-Varying Effects CAMA Working Paper 59 / 2019 August 2019

Content Provider	Semantic Scholar
Author	Bjørnland, Hilde C. Zhulanova, Julia
Copyright Year	2019
Abstract	We analyze if the transmission of oil price shocks on the U.S. economy has changed with the shale oil boom. To do so, we put forward a framework that allows for spillovers between industries and learning by doing (LBD) over time. We identify these spillovers using a time-varying parameter factor-augmented vector autoregressive (VAR) model with both state level and country level data. In contrast to previous results, we find considerable changes in the way oil price shocks are transmitted to the U.S economy: there are now positive spillovers to non-oil investment, employment and production from an increase in the oil price effects that were not present before the shale oil boom.
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Alternate Webpage(s)	https://cama.crawford.anu.edu.au/sites/default/files/publication/cama_crawford_anu_edu_au/2019-08/59_2019_bjornland_zhulanova.pdf
Language	English
Access Restriction	Open
Content Type	Text
Resource Type	Article