Template-Type: ReDIF-Article 1.0
Author-Name:  Jochen Guentner and Johannes Henssler
Title:  Exogenous Oil supply Shocks in OPEC and Non-OPEC Countries
Classification-JEL: F0
Volume:  Volume 42
Issue:  Number 6
Year:  2021
Abstract:  This paper expands Kilian's (2008) original time series of exogenous oil supply shocks along two dimensions. First, we extend the sample period to include production shortfalls in OPEC member states during 2004:10-2019:12. Second, we also consider production shortfalls in non-OPEC countries. Our extended time series of exogenous oil supply shocks displays statistically significant correlation with alternative estimates of oil supply shocks based on vector-autoregressive models. At the same time, it requires a limited number of assumptions about the counterfactual evolution of production in the countries under consideration and escapes thus the current debate about the validity of common identifying restrictions in multivariate structural models.
Handle: RePEc:aen:journl:ej42-6-Güntner
File-URL: http://www.iaee.org/en/publications/ejarticle.aspx?id=3759
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