The relationship between oil prices and US economy revisited

被引：15

作者：

Das, Debojyoti ^{[1
]}

Bhatia, Vaneet ^{[1
]}

Pillai, Jayarethanam ^{[2
]}

Tiwari, Aviral Kumar ^{[3
]}

机构：

[1] Indian Inst Management Raipur, Finance & Accounting Area, Raipur, Chhattisgarh, India

[2] Amer Univ Cent Asia, Sch Entrepreneurship & Business Adm, Bishkek, Kyrgyzstan

[3] Montpellier Business Sch, CESD, Montpellier, France

来源：

ENERGY SOURCES PART B-ECONOMICS PLANNING AND POLICY | 2018年 / 13卷 / 01期

关键词：

Business cycle; economic growth; MODWT; oil prices; quantile regression; TIME-SERIES; MACROECONOMY; SHOCKS;

D O I：

10.1080/15567249.2017.1403497

中图分类号：

TE [石油、天然气工业]; TK [能源与动力工程];

学科分类号：

0807 ; 0820 ;

摘要：

The authors revisit the relationship between US economic growth and crude oil prices considering Industrial Production Index and West Texas Intermediate crude oil spot prices as respective proxies for a period spanning over January 1986 to June 2017. To capture the asymmetric and timevarying relationship, the authors employ maximum overlap discrete wavelet transform (MODWT)-based quantile regression (QR) analysis. Interestingly, MODWT-based QR analysis provides evidence of supply-driven link between crude oil prices and economic growth in the short run. However, in the medium to long run a demand-driven link is dominant. In addition, the QR results without MODWT also advocate a demand-driven link. Overall, the result of this study adds a new dimension to the literature on the relationship between crude oil prices and economic growth by focusing upon the time-frequency varying business cycle fluctuations.

引用

页码：37 / 45

页数：9

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