Description

The steep increase of energy prices from 2003 to 2008 sparked renewed interest not only by the wider public but also by academic research. A number of puzzling questions arose such as the apperent global economic resilience to record high oil prices. These questions lead to a signficant amount of research which offered new insights and enhanced the existing research body considerably. This book therefore undertakes an extensive review over the academic research body of the last decades. It takes into account the fundamentals of crude oil prices, gives an outline over research regarding oil shocks, national and international transmission channels, and examines the connection of oil and stock markets. Besides the U.S., additional evidence is given for UK, Germany, and Japan. As this book predominantly concentrates on academic research, a basic understanding of economics is necessary for the book to be useful for the reader.