Score contribution per author:
α: calibrated so average coauthorship-adjusted count equals average raw count
This paper expands Kilian’s (2008) original time series of exogenous oil supply shocks along two dimensions. First, we extend the sample period to include production shortfalls in OPEC member states during 2004:10-2019:12. Second, we also consider production shortfalls in non-OPEC countries. Our extended time series of exogenous oil supply shocks displays statistically significant correlation with alternative estimates of oil supply shocks based on vector-autoregressive models. At the same time, it requires a limited number of assumptions about the counterfactual evolution of production in the countries under consideration and escapes thus the current debate about the validity of common identifying restrictions in multivariate structural models.