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Oil Price Shocks and Real GDP Growth: Testing for Non-linearity

Rebeca Jimenez-Rodriguez

Year: 2009
Volume: Volume 30
Number: Number 1
DOI: 10.5547/ISSN0195-6574-EJ-Vol30-No1-1
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Abstract:
This paper presents evidence of a non-linear relationship between real GDP growth and oil price changes for the US economy. We also argue that this non-linearity is not merely due to the use of data from the mid-1980s onwards, as most authors, so far, seem to believe. In fact, we find the existence of non-linearity with the use of data earlier than 1984, and even before 1977. Furthermore, we question that the non-linear transformations of oil prices proposed in the literature are the most appropriate ones for reflecting such non-linearity.





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