The macroeconomic effects of oil price shocks: Why are the 2000s so different from the 1970s?

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Blanchard, Olivier J.; Galí, Jordi. The macroeconomic effects of oil price shocks: Why are the 2000s so different from the 1970s?. 2007
http://hdl.handle.net/10230/804
To cite or link this document: http://hdl.handle.net/10230/804
dc.contributor.author Blanchard, Olivier J.
dc.contributor.author Galí, Jordi
dc.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
dc.date.issued 2007-08-01
dc.identifier.uri http://hdl.handle.net/10230/804
dc.description.abstract 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.
dc.language.iso eng
dc.relation.ispartofseries Economics and Business Working Papers Series; 1045
dc.rights L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
dc.title The macroeconomic effects of oil price shocks: Why are the 2000s so different from the 1970s?
dc.type info:eu-repo/semantics/workingPaper
dc.date.modified 2014-06-03T07:14:21Z
dc.subject.keyword Macroeconomics and International Economics
dc.subject.keyword great moderation
dc.subject.keyword supply shocks
dc.subject.keyword stagflation
dc.subject.keyword monetary policy
dc.subject.keyword real wage rigidities
dc.rights.accessRights info:eu-repo/semantics/openAccess


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