Baumeister, Christiane; Kilian, Lutz; Zhou, Xiaoqing - 2017
The transmission of oil price shocks has been a question of central interest in macroeconomics since the 1970s. There … context of this debate, Ramey (2017) makes the striking claim that the existing literature on the transmission of oil price … shocks is fundamentally confused about the question of how to quantify the effect of oil price shocks. In particular, she …