Macroeconomic effects of oil price shocks in Brazil and in the United States

► We find that output growth volatility in the US has been decreasing over time. ► The contribution of oil price shocks to such volatility has also been decreasing. ► In Brazil, oil shocks do not seem to have a clear impact on growth. ► They account for a small fraction of the Brazilian inflation and output volatility. ► Counterfactuals show US output would be 10% less volatile with Brazil's oil import share.