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The impact of oil price shocks on the U.S. stock market: a note on the roles of U.S. and non‐U.S. oil production
journal contribution
posted on 2023-05-18, 20:24 authored by Kang, W, Ratti, RA, Joaquin VespignaniJoaquin VespignaniKilian and Park (2009) find shocks to oil supply are relatively unimportant to understanding changes in U.S. stock returns.Weexamine the impact of both U.S. and non-U.S. oil supply shocks on U.S. stock returns in light of the unprecedented expansion in U.S. oil production since 2009. Our results underscore the importance of the disaggregation of world oil supply and of the recent extraordinary surge in the U.S. oil production for analysing impact on U.S. stock prices. A positive U.S. oil supply shock has a positive impact on U.S. real stock returns. Oil demand and supply shocks are of comparable importance in explaining U.S. real stock returns when supply shocks from U.S. and non-U.S. oil production are identified.
History
Publication title
Economics LettersVolume
145Pagination
176-181ISSN
0165-1765Department/School
TSBEPublisher
Elsevier BVPlace of publication
NetherlandsRights statement
© 2016 Elsevier B.V. All rights reserved.Repository Status
- Restricted