The impact of oil price changes on growth for seven OECD countries - An empirical investigation

Abstract

This thesis examines the impact of oil price change on growth for the following countries: France, Germany, Italy, Japan, Norway, the United Kingdom and the United States. Following an introduction about the composition of crude oil, its pricing mechanism and the history of the oil price, the thesis contains an empirical part on how price increases and decreases change the GDPon a quarterly basis. The results are compared with the actual impacts of the oil price plunge since 2014 following a description of the causes of the current collapse in crude oil prices.