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(2001), “Sectoral job creation and destruction responses to oil price changes”, Journal of Monetary Economics,48 (3), 465-512. Fornaro, L., & Wolf, M. (2023), “The scars of supply shocks: Implications for monetary policy”, Forthcoming Journal of Monetary Economics. Hamilton, J. D. (1983), “Oil and the macroeconomy since World War II”, Journal of Political Economy, 91 (2), 228–248. Hamilton, J. D. (1996), “This is what happened to the oil price-macroeconomy relationship”, Journal of Monetary Economics, 38 (2), 215–220. Hamilton, J.D. (2003), ”What is an oil shock?”, Journal of Econometrics, 113 (2), 363–398 Hamilton, J. D. (2011), “Historical oil shocks”, NBER Working Papers 16970, National Bureau of Economic Research, Inc. Kilian, L. (2009), “Not all oil price shocks are alike: Disentangling demand and supply shocks in the crude oil market”, American Economic Review, 99 (3). Mork, K. A. (1989), “Oil and the macroeconomy when prices go up and down: An extension of Hamilton’s results”, Journal of Political Economy, 97 (3), 740–744. Nakov, A., & Pescatori, A. (2010), “Oil and the great moderation”, The Economic Journal, 120 (543), 131–156. Footnotes [1]  More volatile energy prices alone could also increase volatility in growth and  domestic inflation and even increase overall uncertainty in the economy. For instance, Nakov and Pescatori (2010) find that a reduction in oil price volatility contributed considerably to reducing output and inflation volatility in the Great Moderation period. Bjørnland, Larsen and Maih (2018) find that high oil price volatility exacerbates the effects of oil shocks.