The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Energy Price Shocks

  • Lutz Kilian
Reference work entry
DOI: https://doi.org/10.1057/978-1-349-95189-5_3008

Abstract

Oil price shocks have been a recurring phenomenon since the 1970s. This article reviews alternative explanations of oil price shocks. It puts the evolution of the US price of crude oil into historical perspective and compares it with that of the price of coal and natural gas.

Keywords

Oil Coal Natural gas History Shocks Price determinants 

JEL Classifications

Q43 
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Notes

Acknowledgments

I thank Martin Stürmer for providing access to the annual energy price data used in this article. I have also benefitted from helpful discussions with Christiane Baumeister, Ryan Kellogg and Roger Fouquet, and the comments of a referee.

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Copyright information

© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Lutz Kilian
    • 1
  1. 1.