Finally, in the results of impulse response functions, this paper finds that the length period of reactions are longer while facing any unexpected innovation during uptrend period.

• 最后，在冲击反应函数部分，本文发现在油价大涨后，各原油市场面对其他或自身市场冲击的反应期间均拉长，明显高于大涨前的反应期间。