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022			_a13504851
040			_aMSU _cMSU _erda _bEnglish
050	0	0	_aHB1.A666 APP
100	1		_aMaravalle, Alessandro _eauthor
245	1	0	_aOil shocks and the US terms of trade: _bgauging the role of the trade channel/ _ccreated by Alessandro Maravalle
264	1		_aNew York: _bTaylor and Francis, _c2013.
336			_2rdacontent _atext _btxt
337			_2rdamedia _aunmediated _bn
338			_2rdacarrier _avolume _bnc
440			_aApplied economics letters _vVolume 20, number 2
520	3		_aRecent theoretical literature claims that demand-driven transmission mechanisms are the key to understand how oil shocks affect the economy. Following this literature, we measure the economic strength of one of these demand-driven channels, the trade channel, in the transmission of oil shocks to the US economy. We use Kilian's (2009) decomposition of oil price shocks to identify three possible sources of oil shocks: oil supply, oil-market specific demand and global demand shocks. We then estimate the impact of each shock on the US terms of trade controlling for nonlinear effects in the sign and the size of the shocks. All oil shocks have persistent and statistically significant effects on the US terms of trade. However, we find that only oil supply shocks have an impact on the terms of trade that is nonlinear in the size of the shock. This last result is in accordance with the theoretical findings in Maravalle (forthcoming).
650			_aOil shocks _vPropagation mechanism _xAsymmetric effects
856			_uhttps://doi.org/10.1080/13504851.2012.684779
942			_2lcc _cJA
999			_c162748 _d162748