The macroeconomic effects of oil price shocks
why are the 2000s so different from the 1970s
Rev.
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Author
Contributions
- Gal,̕ Jordi, 1961- - Contributor
- Massachusetts Institute of Technology. Dept. of Economics - Contributor
Publication
2008 - Massachusetts Institute of Technology, Dept. of Economics, Cambridge, MA, Massachusetts
Language
English
Word Count
18,750 words, Guess
Page Count
75 pages
Identifiers
- Internet Archivemacroeconomiceff00blan3
- OCLC Control Number670721218
- Open LibraryOL24647857M
Description
We characterize the macroeconomics 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. Keywords: oil, oil price, inflation, credibility, oil share, Great moderation, supply shocks, stagflation, monetary policy, real wage rigidities. JEL Classifications: E20, E32, E52.
Subjects
Series Statement
- Working paper series / Massachusetts Institute of Technology, Dept. of Economics -- working paper 07-21 [2008 revision]
- Working paper (Massachusetts Institute of Technology. Dept. of Economics) -- no. 07-21, 2008.
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