Are Oil Shocks Permanent or Temporary? Panel Data Evidence from Crude Oil Production in 15 Countries

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  • Dmitry Burakov

Abstract

In this paper we explore the unit root properties of crude oil production for 15 sampled countries employing the Lagrange Multiplier (LM) panel unit root test with (and without) one structural break for the period 1990-2017. In case of applying LM univariate test without a structural break, the results are ambiguous and inconclusive with moderate support for stationarity. The results of LM panel unit root test with a structural break are significant and conclusive, stating that for a sampled panel, crude oil production is stationary.

Keywords: crude oil, oil shock, unit root, panel analysis, Lagrange multiplier

JEL Classifications:  C23, E23, Q43

DOI: https://doi.org/10.32479/ijeep.7121

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Author Biography

Dmitry Burakov

Department of Monetary Relations and Monetary Policy, PhD in Economics, associate proffesor

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Published

2019-02-14

How to Cite

Burakov, D. (2019). Are Oil Shocks Permanent or Temporary? Panel Data Evidence from Crude Oil Production in 15 Countries. International Journal of Energy Economics and Policy, 9(2), 295–298. Retrieved from https://econjournals.com/index.php/ijeep/article/view/7121

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