We use panel data for the US states to examine the impact of largely exogenous oil and gas price shocks on economic growth. Unlike the rest of the literature, we examine the impacts of three different types of oil and gas price shocks, differentiating between positive and negative shocks to exporting and importing states. Most of the price shocks have small but highly statistically significant effects on state economies. In addition to impacting exporting and importing states in opposite directions, the absolute values of the impact on importers and exporters are often significantly different. At the same time, we do not find significant asymmetry in the effects of the positive and negative price shocks on the states on average. Spatial analysis reveals small but significant spillover effects arising from price shocks.

我们使用美国各州的面板数据来检验很大程度上是外源性的石油和天然气价格冲击对经济增长的影响。与其他文献不同，我们研究了三种不同类型的石油和天然气价格冲击的影响，区分了对出口国和进口国的正面和负面冲击。大多数价格冲击对州经济的影响很小，但在统计上却具有重大意义。除了以相反的方向影响进出口国家之外，对进出口商的影响的绝对值通常也有显着差异。同时，在平均价格冲击对各州的正面和负面影响中，我们没有发现明显的不对称性。空间分析显示，价格震荡会产生很小但重要的溢出效应。