TY - BOOK ID - 78437588 TI - Taking Stock : Who Benefited from the Oil Price Shocks? AU - Cerdeiro, Diego. AU - Plotnikov, Dmitry. AU - International Monetary Fund PY - 2017 SN - 1475598505 9781475598506 1475598424 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Petroleum industry and trade. KW - Petroleum products KW - Petroleum KW - Petroleum industry and trade KW - Energy industries KW - Oil industries KW - Prices. KW - Prices KW - Investments: Energy KW - Exports and Imports KW - Macroeconomics KW - Economic Theory KW - Industries: Energy KW - Price Level KW - Inflation KW - Deflation KW - Business Fluctuations KW - Cycles KW - Prices, Business Fluctuations, and Cycles: Forecasting and Simulation KW - Energy: Demand and Supply KW - Energy and the Macroeconomy KW - Energy: General KW - Agriculture: Aggregate Supply and Demand Analysis KW - Macroeconomics: Production KW - Trade: General KW - Investment & securities KW - Economic theory & philosophy KW - Petroleum, oil & gas industries KW - International economics KW - Oil prices KW - Oil KW - Supply shocks KW - Oil production KW - Export diversification KW - Commodities KW - Economic theory KW - Production KW - International trade KW - Supply and demand KW - Exports KW - United States UR - https://www.unicat.be/uniCat?func=search&query=sysid:78437588 AB - The effect that the recent decline in the price of oil has had on growth is far from clear, with many observers at odds to explain why it does not seem to have provided a significant boost to the world economy. This paper aims to address this puzzle by providing a systematic analysis of the effect of oil price shocks on growth for 72 countries comprising 92.8% of world GDP. We find that, on net, shocks driving the oil price in 2015 shaved off 0.2 percentage points of growth for the median country in our sample, and 0.17 percentage points in GDP-weighted terms. While increases in oil supply and shocks to oil-specific demand actually boosted growth in 2015 (by about 0.2 and 0.4 percentage points, respectively), weak global demand more than offset these gains, reducing growth by 0.8 percentage points. Counterfactual simulations for the 72 countries in our sample underscore the importance of diversification, rather than low levels of openness, in shielding against negative shocks to the world economy. ER -