This paper studies the effects of U.S. energy shocks on international economic activity and the world oil market. The analysis uses a set of factor-augmented vector autoregressions to identify and compare the impact of unanticipated changes in U.S. energy efficiency and U.S. oil supply over 1980Q1–2019Q4. The identification strategy relies on the fact that positive shocks in both cases decrease the real price of oil and increase global gross domestic...
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详细
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2023/04/11
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政策研究报告
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WPS10402
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1
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2023/04/11
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Disclosed
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Global Footprints of U.S. Energy Innovations: Energy Efficiency and the Shale Revolution