Vatsa, PuneetBasnet, HC2020-09-172020-07-312020-102020-06-290301-4207NU5AV (isidoc)https://hdl.handle.net/10182/12691Considering the significance of the oil and gas sector to the Norwegian economy, this study investigates the short-term and long-term associations between crude oil and natural gas prices, and the real GDP of Norway. To this end, we employ a common-feature-based, multivariate trend-cycle decomposition approach to examine common trends and common cycles between them. Upon isolating the trend and cyclical components of the three series, this study finds a negative association between the real GDP and the two energy prices both in the short-run as well as in the long-run. This result contradicts the commonly-held view that the performance of energy-exporting economies is positively associated with energy prices. The test results also find that the cycles of natural gas prices follow the cycles of oil prices.8 pagesen© 2020 Elsevier Ltd. All rights reserved.energy pricescrude oilnatural gascommon trends and common cyclestime-seriesNorwayJournal Article10.1016/j.resourpol.2020.101791ANZSRC::160505 Economic Development PolicyANZSRC::140102 Macroeconomic Theory1873-7641ANZSRC::3801 Applied economicsANZSRC::4407 Policy and administrationANZSRC::4802 Environmental and resources law