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Analyzing macroeconomic impacts of oil price changes requires first to investigate different sources of these changes and their distinct effects. Kilian (2009) analyzes the effects of an oil supply shock, an aggregate demand shock, and a precautionary oil demand shock. The paper's aim is to model macroeconomic consequences of these shocks within a new Keynesian DSGE framework. It models a small open economy and the rest of the world together to discover both accompanying effects of oil price changes and their international transmission mechanisms. Our results indicate that different sources of oil price fluctuations bring remarkably diverse outcomes for both economies.

Business & Economics --- Industries --- Petroleum products --- Accounting and price fluctuations. --- Prices. --- Price fluctuations and accounting --- Petroleum --- Petroleum industry and trade --- Prices --- Investments: Energy --- Inflation --- Macroeconomics --- Production and Operations Management --- Energy: Demand and Supply --- Energy: General --- Price Level --- Deflation --- Human Capital --- Skills --- Occupational Choice --- Labor Productivity --- Nonprofit Organizations and Public Enterprise: General --- Investment & securities --- Public ownership --- nationalization --- Oil prices --- Oil --- Labor productivity --- Public enterprises --- Government business enterprises --- Nationalization