scholarly journals Oil supply shocks and economic growth in the Mediterranean

Energy Policy ◽  
2017 ◽  
Vol 110 ◽  
pp. 167-175 ◽  
Author(s):  
Andrea Bastianin ◽  
Marzio Galeotti ◽  
Matteo Manera
Keyword(s):  
Economic Growth ◽  
Oil Supply ◽  
Supply Shocks ◽  
The Mediterranean ◽  
Oil Supply Shocks

scholarly journals Resolving the energy-growth nexus in South Africa

2018 ◽  
Vol 11 (1) ◽  
Author(s):  
Sehludi B. Molele ◽  
Thobeka Ncanywa
Keyword(s):  
Economic Growth ◽  
South Africa ◽  
Energy Use ◽  
Negative Relationship ◽  
Economic Life ◽  
Oil Consumption ◽  
Oil Supply ◽  
Supply Shocks ◽  
The Government ◽  
Oil Supply Shocks

Energy use is a pivotal element in the economic life of any country, especially in a developing economy such as South Africa. Based on trends such as load-shedding and oil supply shocks, it is essential to investigate the relationship between electricity and oil consumption to economic growth. This is particularly relevant in the South African context, where policy-makers have had to grapple with excess demand for electricity. The Johansen cointegration and vector error correction model approaches have been used to examine a short- and long-run relationship between energy consumption and economic growth. It has been found that electricity consumption has a negative relationship with economic growth and oil consumption has a positive relationship. Therefore, conservation policies like electricity rationing may be implemented, thereby proving to be beneficial to the broader economy. To offset periodical effects such as oil supply shocks, the country should keep high or adequate amounts of oil reserves and/or invest in oil exploration. It is highly recommended, regarding electricity, that the government is to adopt policy measures and direct interventions to promote an efficient use of electricity.

scholarly journals Time-Varying Effects of Oil Supply Shocks on the US Economy

2013 ◽  
Vol 5 (4) ◽  
pp. 1-28 ◽  
Author(s):  
Christiane Baumeister ◽  
Gert Peersman
Keyword(s):  
Oil Price ◽  
Time Varying ◽  
Oil Supply ◽  
Us Economy ◽  
Supply Shocks ◽  
The Us ◽  
Short Run ◽  
Oil Demand ◽  
Substantial Decline ◽  
Oil Supply Shocks

Using time-varying BVARs, we find a substantial decline in the short-run price elasticity of oil demand since the mid-1980s. This finding helps explain why an oil production shortfall of the same magnitude is associated with a stronger response of oil prices and more severe macroeconomic consequences over time, while a similar oil price increase is associated with smaller output effects. Oil supply shocks also account for a smaller fraction of real oil price variability in more recent periods, in contrast to oil demand shocks. The overall effects of oil supply disruptions on the US economy have, however, been modest. (JEL E31, E32, Q41, Q43)

scholarly journals The Effects of the Real Oil Price on Regional Wage Dispersion

2017 ◽  
Vol 9 (2) ◽  
pp. 115-148 ◽  
Author(s):  
Matthias Kehrig ◽  
Nicolas L. Ziebarth
Keyword(s):  
Spatial Model ◽  
Energy Intensity ◽  
Housing Prices ◽  
Labor Demand ◽  
Wage Dispersion ◽  
Real Wages ◽  
Oil Supply ◽  
Supply Shocks ◽  
Demand Shifts ◽  
Oil Supply Shocks

We find that oil supply shocks decrease average real wages, particularly skilled wages, and increase wage dispersion across regions, particularly unskilled wage dispersion. In a model with spatial energy intensity differences and nontradables, labor demand shifts, while explaining the response of average wages to oil supply shocks, have counterfactual implications for the response of wage dispersion. Only an additional response in labor supply can explain this latter fact, highlighting the importance of general equilibrium effects in a spatial context. We provide additional empirical evidence of regionally directed worker reallocation and housing prices consistent with our spatial model. Finally, we show that a calibrated version of our model can quantitatively match the estimated effects of oil supply shocks. (JEL E24, J22, J23, J24, J31, Q35, R23)

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