Oil price shocks impact industries differently across OECD countries, study finds.
The article examines how oil price shocks affect manufacturing industries in six OECD countries. The study uses data from each country to analyze the impact of oil price changes on industrial output. Results show that the response to oil shocks varies among European countries but is similar in the UK and the US. Additionally, there are differences in how different industries within the European countries are affected by oil price shocks. The findings are consistent even when considering different factors like the number of lags and how oil prices are defined.