File(s) not publicly available
Oil price shocks and the macroeconomy
journal contribution
posted on 2023-06-08, 08:57 authored by Paul SegalThis paper examines the impact of oil price shocks and attempts to explain why the rise in oil prices up to 2008 had little impact on the world economy. It makes three main arguments. First, that oil prices have never been as important as is popularly thought. Second, that the most important route through which oil prices affect output is monetary policy: when oil prices pass through to core inflation, monetary authorities raise interest rates, slowing growth. Based on the second argument, the third argument is that high oil prices have not reduced growth in recent years because they no longer pass through to core inflation, so the monetary tightening previously seen in response to high oil prices is absent. It also argues that oil prices had little impact on the global recession of 20089.
History
Publication status
- Published
Journal
Oxford Review of Economic PolicyISSN
0266903XPublisher
Oxford University PressExternal DOI
Issue
1Volume
27Page range
169-185Department affiliated with
- Economics Publications
Full text available
- No
Peer reviewed?
- Yes
Legacy Posted Date
2012-02-06Usage metrics
Categories
No categories selectedKeywords
Licence
Exports
RefWorks
BibTeX
Ref. manager
Endnote
DataCite
NLM
DC