DO OIL SHOCKS DRIVE BUSINESS CYCLES? SOME U.S. AND INTERNATIONAL EVIDENCE

Oil prices rose sharply prior to the onset of the 2007–2009 recession. Hamilton [in the Palgrave Dictionary of Macroeconomics (2008)] noted that nine of the last ten recessions in the United States were preceded by a substantial increases in the price of oil. In this paper, we consider whether oil p...

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Veröffentlicht in:	Macroeconomic dynamics 2011-11, Vol.15 (S3), p.498-517
Hauptverfasser:	Engemann, Kristie M., Kliesen, Kevin L., Owyang, Michael T.
Format:	Artikel
Sprache:	eng
Schlagworte:	Business cycles Central banks Economic activity Economic conditions Economic theory Energy consumption Macroeconomics Price increases Probability Recessions Variables
Online-Zugang:	Volltext
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