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The Sensitivity of the General Price Level to Changes in the Price of Crude Oil

Author

Listed:
  • Lawrence R Klein

    (Department of Economics, University of Pennsylvania, Philadelphia, PA, 19104, USA.)

  • Vijay G Duggal

    (Department of Economics, Widener University, Chester, PA, 19013, USA.)

  • Cynthia Saltzman

    (Department of Economics, Widener University, Chester, PA, 19013, USA.)

Abstract

There are many direct and indirect effects of changing crude oil prices on the inflation rate, so it is not surprising that there are different views about the resulting effects on the general price level and also on other aspects of the general economy. This study, estimates the direct and indirect effects of oil price changes on the economy-wide rate of inflation, which then has effects on spending and producing decisions. However, in this forum, we do not try to estimate the full indirect effects on the level of economic activity, such as effects on real GDP.Business Economics (2005) 40, 74–77; doi:10.2145/20050407

Suggested Citation

  • Lawrence R Klein & Vijay G Duggal & Cynthia Saltzman, 2005. "The Sensitivity of the General Price Level to Changes in the Price of Crude Oil," Business Economics, Palgrave Macmillan;National Association for Business Economics, vol. 40(4), pages 74-77, October.
    • Handle: RePEc:pal:buseco:v:40:y:2005:i:4:p:74-77
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    Citations

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    Cited by:

    1. Takatoshi Watanabe & Mitsuru Shimoda & Kiyoshi Fujikawa, 2006. "A Comparative Study on Resource Saving Technology Based on OECD I-O Database," EcoMod2006 272100101, EcoMod.
    2. Bahram Adrangi & Arjun Chatrath & Joseph Macri & Kambiz Raffiee, 2017. "Crude Oil Price Volatility Spillovers and Agricultural Commodities: A Study in Time and Frequency Domains," Review of Economics & Finance, Better Advances Press, Canada, vol. 9, pages 42-56, August.
    3. Klein, Lawrence R., 2006. "Issues posed by chronic US deficits," Journal of Policy Modeling, Elsevier, vol. 28(6), pages 673-677, September.

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