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Models that allow for a large short\u2010run price elasticity of oil supply imply a larger response of oil prices and a larger, longer lived contraction in US real GDP. We find that, if we condition on a range of supply elasticity values supported by microeconomic estimates, the differences in the oil price responses diminishes. We also examine the role of lag length, of using pre\u20101973 data, alternative measures of real economic activity and using the median response function instead of the modal structural model.<\/jats:p>","DOI":"10.1002\/jae.2735","type":"journal-article","created":{"date-parts":[[2019,8,6]],"date-time":"2019-08-06T12:53:44Z","timestamp":1565096024000},"page":"141-159","update-policy":"https:\/\/doi.org\/10.1002\/crossmark_policy","source":"Crossref","is-referenced-by-count":94,"title":["The effect of oil supply shocks on US economic activity: What have we learned?"],"prefix":"10.1002","volume":"35","author":[{"given":"Ana Mar\u00eda","family":"Herrera","sequence":"first","affiliation":[{"name":"Department of Economics, Gatton College of Business and Economics University of Kentucky Lexington Kentucky United States"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Sandeep Kumar","family":"Rangaraju","sequence":"additional","affiliation":[{"name":"Department of Economics, Goddard School of Business and Economics Weber State University Ogden Utah United States"}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"311","published-online":{"date-parts":[[2019,11,13]]},"reference":[{"key":"e_1_2_11_2_1","doi-asserted-by":"publisher","DOI":"10.1016\/B978-0-444-53683-9.00008-6"},{"key":"e_1_2_11_3_1","doi-asserted-by":"publisher","DOI":"10.1086\/697203"},{"key":"e_1_2_11_4_1","doi-asserted-by":"publisher","DOI":"10.1016\/S0022-1996(98)00064-6"},{"key":"e_1_2_11_5_1","doi-asserted-by":"publisher","DOI":"10.3386\/w8389"},{"key":"e_1_2_11_6_1","doi-asserted-by":"publisher","DOI":"10.1257\/0895330042632708"},{"key":"e_1_2_11_7_1","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20151569"},{"key":"e_1_2_11_8_1","doi-asserted-by":"publisher","DOI":"10.1257\/jep.30.1.139"},{"key":"e_1_2_11_9_1","doi-asserted-by":"publisher","DOI":"10.1002\/jae.2283"},{"key":"e_1_2_11_10_1","doi-asserted-by":"publisher","DOI":"10.1257\/mac.5.4.1"},{"key":"e_1_2_11_11_1","doi-asserted-by":"crossref","unstructured":"Bj\u00f8rnland H. 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