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Article: Oil price shocks and real GDP growth: testing for non-linearity.
- Article from:
- The Energy Journal
- Article date:
- January 1, 2009
- Author:
CopyrightCOPYRIGHT 2009 International Association for Energy Economics. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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1. INTRODUCTION
From the middle of twentieth century onwards, crude oil has become one of the main indicators of economic activity worldwide, due to its outstanding importance in the supply of the world's energy demands. Nowadays, the importance of crude oil as the main source of energy has waned somewhat, due to the appearance of alternative forms of energy (such as wind, water, and solar power). Notwithstanding this, the importance of oil exceeds economic aspects and affects social life in general. One of the issues that the public has been particularly concerned about is oil-price fluctuations, so that these fluctuations have become one of the current affairs ...