Time-varying Income and Price Elasticities of Oil Demand in OECD Countries

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dc.contributor.authorHelmi, Mohamad Husam
dc.contributor.authorÇatık, Abdurrahman Nazif
dc.contributor.authorBucak, Çağla
dc.contributor.authorBalli, Esra
dc.contributor.authorAkdeniz, Coşkun
dc.date.accessioned2025-04-06T12:21:57Z
dc.date.available2025-04-06T12:21:57Z
dc.date.issued2024
dc.departmentTekirdağ Namık Kemal Üniversitesi
dc.description.abstractThis study examines the long-run income and price elasticities of oil demand in 21 OECD countries using quarterly data from 1980:Q1 to 2021:Q3. We find that oil demand is inelastic with respect to both income and prices at 0.117 and −0.179, respectively. The cointegration tests reveal instability in oil price elasticities over time. The time-varying panel data estimates support these findings, showing significant variations in elasticities influenced by oil market dynamics and global events. Income elasticities reached their highest levels during the COVID-19 pandemic, while price elasticities ranged from −0.396 to 0.275. Significantly, the sign of oil price elasticities shifted from negative to positive after 2015, contrary to the law of demand, probably because of declining oil prices during that period. The largest positive and statistically significant price elasticity occurred in early 2020, which can be attributed to the COVID-19-induced decline in oil prices. Overall, this analysis contributes to understanding oil demand dynamics and highlights the impact of economic and oil market factors on elasticities. © 2024, Econjournals. All rights reserved.
dc.identifier.doi10.32479/ijeep.15895
dc.identifier.endpage311
dc.identifier.issn2146-4553
dc.identifier.issue6
dc.identifier.scopus2-s2.0-85208973516
dc.identifier.scopusqualityQ1
dc.identifier.startpage303
dc.identifier.urihttps://doi.org/10.32479/ijeep.15895
dc.identifier.urihttps://hdl.handle.net/20.500.11776/17052
dc.identifier.volume14
dc.indekslendigikaynakScopus
dc.language.isoen
dc.publisherEconjournals
dc.relation.ispartofInternational Journal of Energy Economics and Policy
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanı
dc.rightsinfo:eu-repo/semantics/openAccess
dc.snmzKA_Scopus_20250406
dc.subjectIncome Elasticity
dc.subjectOECD
dc.subjectOil Demand
dc.subjectPrice Elasticity
dc.subjectTime-varying Panel
dc.titleTime-varying Income and Price Elasticities of Oil Demand in OECD Countries
dc.typeArticle

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