RBA Annual Conference – 2009 The Economic Consequences of Oil Shocks: Differences across Countries and Time

Table B1: Structural Differences across Economies and the Impact of Oil Shocks 1986–2008

	Oil(a)				Non-oil energy(a)				Total energy(a)				Oil supply(b)			Global activity(b)			Oil-specific demand(b)
	Net import	Production	Total		Net import	Production	Total		Net import	Production	Total		GDP(c)	CPI(c)		GDP(d)	CPI(c)		GDP(d)	CPI(c)
(a) Averages for 1986–2008 based on IEA data measured as (tonnes of oil equivalent)/GDP (US$ million, PPP-weighted) of respectively crude oil, total energy excluding crude oil, and total energy (b) Cumulated percentage change (c) Estimated median impulse responses in the long run (20 quarters); comparison of permanent effects (d) Estimated maximum median impulse responses; comparison of short-run effects Sources: IEA; authors' calculations
United States	55	41	96		2	156	158		57	197	254		−0.31	0.35		0.33	0.61		−0.46	0.50
Euro area	71	2	73		30	65	95		101	67	168		−0.32	0.58		0.33	0.65		−0.44	0.11
Japan	67	0	67		62	29	91		129	29	158		−0.40	0.10		0.19	0.53		−1.10	0.18
Switzerland	22	0	22		47	50	97		69	50	119		−0.29	0.88		0.23	0.51		−0.22	0.23
United Kingdom	−21	79	58		11	95	106		−10	174	164		0.02	−0.29		0.12	0.60		−0.72	−1.99
Canada	−16	109	93		−116	329	213		−132	438	306		0.12	0.08		0.25	0.47		−0.79	−0.60
Australia	7	53	60		−220	375	155		−213	428	215		0.00	−0.40		0.21	0.85		−0.40	0.48
Norway	−704	815	111		−331	398	67		−1,035	1,213	178		0.26	−0.22		0.38	1.58		−0.71	0.00