Oil and the Macroeconomy Since the 1970s¶
Barsky, & Kilian. (2004). Oil and the Macroeconomy Since the 1970s. Journal of Economic Perspectives.
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1 citation across 1 artifact.
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Domain-specific¶
- AD–AS Model
- Draw the two schedules in price-level × real-output space; the 1973-74 Arab oil embargo and the 1979-80 oil price shock raised the cost of a key input economy-wide
This sourceReview of oil-price shocks since the 1970s, dating the 1973 recession to the October war and the oil embargo, treating 1979-80 as a price increase, and disputing how much of the resulting inflation and unemployment the shocks explain.
Supported in partVerified against the source
- Draw the two schedules in price-level × real-output space; the 1973-74 Arab oil embargo and the 1979-80 oil price shock raised the cost of a key input economy-wide
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