The impact of oil price shocks on the U.S. stock market: A note on the roles of U.S. and non-U.S. oil production
Kilian and Park (2009) find shocks to oil supply are relatively unimportant to understanding changes in U.S. stock returns.Weexamine the impact of both U.S. and non-U.S. oil supply shocks on U.S. stock returns in light of the unprecedented expansion in U.S. oil production since 2009. Our results underscore the importance of the disaggregation of world oil supply and of the recent extraordinary surge in the U.S. oil production for analysing impact on U.S. stock prices. A positive U.S. oil...[Show more]
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