Oil shocks and the UK economy: the changing nature of shocks and impact over time

@inproceedings{Millard2013OilSA,
  title={Oil shocks and the UK economy: the changing nature of shocks and impact over time},
  author={Stephen P. Millard and Tamarah Shakir},
  year={2013}
}
In this paper we examine how the impact of oil price movements on the UK economy differs depending on the underlying source of the shock, that is, whether the oil price has been driven by a supply, or demand, disturbance. In addition we employ an empirical framework with time-varying parameters to allow us to see how the impact of oil price shocks may have developed over time. In line with earlier studies on larger economies, we find that the source of the shock does indeed affect the size and… CONTINUE READING