The macroeconomic effects of oil shocks
why are the 2000s so different from the 1970s?
by Olivier Blanchard
"We characterize the macroeconomic performance of a set of industrialized economies in the aftermath of the oil price shocks of the 1970s and of the last decade, focusing on the differences across episodes. We examine four different hypotheses for the mild effects on inflation and economic activity of the recent increase in the price of oil: (a) good luck (i.e. lack of concurrent adverse shocks), (b) smaller share of oil in production, (c) more flexible labor markets, and (d) improvements in monetary policy. We conclude that all four have played an important role"--National Bureau of Economic Research web site.
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The macroeconomic effects of oil shocks: why are the 2000s so different from the 1970s?
2007, National Bureau of Economic Research
Electronic resource
in English
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Edition Notes
Title from PDF file as viewed on 9/10/2007.
Includes bibliographical references.
Also available in print.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.
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