NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Ichiro Fukunaga

Bank of Japan
2-1-1 Nihonbashi-Hongokucho
Chuo-ku, Tokyo 103-8660
JAPAN

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NBER Working Papers and Publications

February 2011The Effects of Oil Price Changes on the Industry-Level Production and Prices in the United States and Japan
with Naohisa Hirakata, Nao Sudo
in Commodity Prices and Markets, East Asia Seminar on Economics, Volume 20, Takatoshi Ito and Andrew K. Rose, editors
March 2010The Effects of Oil Price Changes on the Industry-Level Production and Prices in the U.S. and Japan
with Naohisa Hirakata, Nao Sudo: w15791
In this paper, we decompose oil price changes into their component parts following Kilian (2009) and estimate the dynamic effects of each component on industry-level production and prices in the U.S. and Japan using identified VAR models. The way oil price changes affect each industry depends on what kind of underlying shock drives oil price changes as well as on industry characteristics. Unexpected disruptions of oil supply act mainly as negative supply shocks for oil-intensive industries and act mainly as negative demand shocks for less oil-intensive industries. For most industries in the U.S., shocks to the global demand for all industrial commodities act mainly as positive demand shocks, and demand shocks that are specific to the global oil market act mainly as negative supply shocks. ...

Published: The Effects of Oil Price Changes on the Industry-Level Production and Prices in the United States and Japan, Ichiro Fukunaga, Naohisa Hirakata, Nao Sudo. in Commodity Prices and Markets, East Asia Seminar on Economics, Volume 20, Ito and Rose. 2011

 
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