MARC Record from Library of Congress

LEADER: 02055nam a22002777a 4500
001 2009656013
003 DLC
005 20090827163728.0
007 cr |||||||||||
008 090616s2009 mau sb 000 0 eng
010 $a 2009656013
040 $aDLC$cDLC
050 00 $aHB1
100 1 $aHamilton, James D.$q(James Douglas),$d1954-
245 10 $aCauses and consequences of the oil shock of 2007-08$h[electronic resource] /$cJames D. Hamilton.
260 $aCambridge, MA :$bNational Bureau of Economic Research,$cc2009.
490 1 $aNBER working paper series ;$vworking paper 15002
538 $aSystem requirements: Adobe Acrobat Reader.
538 $aMode of access: World Wide Web.
500 $aTitle from PDF file as viewed on 6/16/2009.
530 $aAlso available in print.
504 $aIncludes bibliographical references.
520 3 $a"This paper explores similarities and differences between the run-up of oil prices in 2007-08 and earlier oil price shocks, looking at what caused the price increase and what effects it had on the economy. Whereas historical oil price shocks were primarily caused by physical disruptions of supply, the price run-up of 2007-08 was caused by strong demand confronting stagnating world production. Although the causes were different, the consequences for the economy appear to have been very similar to those observed in earlier episodes, with significant effects on overall consumption spending and purchases of domestic automobiles in particular. In the absence of those declines, it is unlikely that we would have characterized the period 2007:Q4 to 2008:Q3 as one of economic recession for the U.S. The experience of 2007-08 should thus be added to the list of recessions to which oil prices appear to have made a material contribution"--National Bureau of Economic Research web site.
710 2 $aNational Bureau of Economic Research.
830 0 $aWorking paper series (National Bureau of Economic Research : Online) ;$vworking paper no. 15002.
856 40 $uhttp://papers.nber.org/papers/w15002