Conference – 2009 The Economic Consequences of Oil Shocks: Differences across Countries and Time

Table B1: Structural Differences across Economies and the Impact of Oil Shocks 1986–2008
Oil(a) Non-oil energy(a) Total energy(a) Oil supply(b) Global activity(b) Oil-specific demand(b)
Net import Production Total Net import Production Total Net import Production Total GDP(c) CPI(c) GDP(d) CPI(c) GDP(d) CPI(c)
(a) Averages for 1986–2008 based on IEA data measured as (tonnes of oil equivalent)/GDP (US$ million, PPP-weighted) of respectively crude oil, total energy excluding crude oil, and total energy
(b) Cumulated percentage change
(c) Estimated median impulse responses in the long run (20 quarters); comparison of permanent effects
(d) Estimated maximum median impulse responses; comparison of short-run effects
Sources: IEA; authors' calculations
United States 55 41 96   2 156 158   57 197 254   −0.31 0.35   0.33 0.61   −0.46 0.50
Euro area 71 2 73   30 65 95   101 67 168   −0.32 0.58   0.33 0.65   −0.44 0.11
Japan 67 0 67   62 29 91   129 29 158   −0.40 0.10   0.19 0.53   −1.10 0.18
Switzerland 22 0 22   47 50 97   69 50 119   −0.29 0.88   0.23 0.51   −0.22 0.23
United Kingdom −21 79 58   11 95 106   −10 174 164   0.02 −0.29   0.12 0.60   −0.72 −1.99
Canada −16 109 93   −116 329 213   −132 438 306   0.12 0.08   0.25 0.47   −0.79 −0.60
Australia 7 53 60   −220 375 155   −213 428 215   0.00 −0.40   0.21 0.85   −0.40 0.48
Norway −704 815 111   −331 398 67   −1,035 1,213 178   0.26 −0.22   0.38 1.58   −0.71 0.00