The impact of oil price shocks on the U.S. stock market: A note on the roles of U.S. and non-U.S. oil production
研究了美国与非美国石油供应冲击对美国股票收益的影响，发现美国石油供应冲击有正面作用，且两类供应冲击与需求冲击同等重要。
Kilian and Park (2009) find shocks to oil supply are relatively unimportant to understanding changes in \nU.S. stock returns.Weexamine the impact of both U.S. and non-U.S. oil supply shocks on U.S. stock returns \nin light of the unprecedented expansion in U.S. oil production since 2009. Our results underscore the \nimportance of the disaggregation of world oil supply and of the recent extraordinary surge in the U.S. oil \nproduction for analysing impact on U.S. stock prices. A positive U.S. oil supply shock has a positive impact \non U.S. real stock returns. Oil demand and supply shocks are of comparable importance in explaining U.S. \nreal stock returns when supply shocks from U.S. and non-U.S. oil production are identified.