The Asymmetric Relatoinship between Oil Prices and Macroeconomy in OECD net Oil Importing Countries


In this study, we assess the impact of oil price changes on the macroeconomic variables of some oil importers in OECD countries, including USA, Italian, France and Japan during the period 1960-2002. The results for different countries imply asymmetric impact of oil price changes on GDP growth rates; moreover, the results show that monetary shocks are an important and noticeable factor explaining the fluctuations of GDP growth rates, supplementing the impact of oil price shocks.
JEL Classification: E32, C32, E24.