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Energy Prices, Inflation, and Recession, 1974-1975

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  • Knut Anton Mork
  • Robert E. Hall

Abstract

The rapid escalations of energy prices, in late 1973 and early 1974 and again in mid- and late-1979, have had major adverse impactson the U.S. economy. The energy price shock of 1973-1974 played a dominant role, by most accounts, in bringing about the deep recession and high inflation of the mid-1970s. In the most recent period, the full impact is yet to be seen, but it does not appear to be minor.In a previous paper published in this journal, (volume 1, number 2, April 1980), we presented the results of our efforts to quantify the economic impact on the U.S. economy of the July 1979 oil price increases;in that paper, we provided only a summary explanation of the model on which these results were based.

Suggested Citation

  • Knut Anton Mork & Robert E. Hall, 1980. "Energy Prices, Inflation, and Recession, 1974-1975," The Energy Journal, International Association for Energy Economics, vol. 0(Number 3), pages 31-64.
  • Handle: RePEc:aen:journl:1980v01-03-a02
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    References listed on IDEAS

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    1. Berndt, Ernst R, 1976. "Reconciling Alternative Estimates of the Elasticity of Substitution," The Review of Economics and Statistics, MIT Press, vol. 58(1), pages 59-68, February.
    2. Griffin, James M & Gregory, Paul R, 1976. "An Intercountry Translog Model of Energy Substitution Responses," American Economic Review, American Economic Association, vol. 66(5), pages 845-857, December.
    3. Ronald E. Findlay & Carlos Alfredo Rodriguez, 1977. "Intermediate Imports and Macroeconomic Policy under Flexible Exchange Rates," Canadian Journal of Economics, Canadian Economics Association, vol. 10(2), pages 208-217, May.
    4. Hall, Robert E, 1978. "The Macroeconomic Impact of Changes in Income Taxes in the Short and Medium Runs," Journal of Political Economy, University of Chicago Press, vol. 86(2), pages 71-85, April.
    5. Hall, Robert E & Lilien, David M, 1979. "Efficient Wage Bargains under Uncertain Supply and Demand," American Economic Review, American Economic Association, vol. 69(5), pages 868-879, December.
    6. Stephen M. Goldfeld, 1976. "The Case of the Missing Money," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 7(3), pages 683-740.
    7. Daniel J.B. Mitchell, 1978. "Union Wage Determination: Policy Implications and Outlook," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 9(3), pages 537-582.
    8. Robert J. Gordon, 1970. "The Recent Acceleration of Inflation and Its Lessons for the Future," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 1(1), pages 8-47.
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    Cited by:

    1. Michael R. Darby, 1983. "The Importance of Oil Price Changes in the 1970s World Inflation," NBER Chapters,in: The International Transmission of Inflation, pages 232-272 National Bureau of Economic Research, Inc.
    2. Liu, Qing & Shi, Kang & Wu, Zhouheng & Xu, Juanyi, 2014. "Oil price stabilization and global welfare," Journal of Development Economics, Elsevier, vol. 111(C), pages 246-260.
    3. Balcilar, Mehmet & Gupta, Rangan & Wohar, Mark E., 2017. "Common cycles and common trends in the stock and oil markets: Evidence from more than 150years of data," Energy Economics, Elsevier, vol. 61(C), pages 72-86.
    4. Rangan Gupta & Hylton Hollander & Mark E. Wohar, 2016. "The Impact of Oil Shocks in a Small Open Economy New-Keynesian Dynamic Stochastic General Equilibrium Model for South Africa," Working Papers 201652, University of Pretoria, Department of Economics.
    5. Jiranyakul, Komain, 2015. "Oil price shocks and domestic inflation in Thailand," MPRA Paper 62797, University Library of Munich, Germany.
    6. Hamdi, Helmi & Sbia, Rashid, 2013. "Dynamic relationships between oil revenues, government spending and economic growth in an oil-dependent economy," Economic Modelling, Elsevier, vol. 35(C), pages 118-125.
    7. repec:eco:journ2:2017-03-01 is not listed on IDEAS
    8. Greene, David L & Jones, Donald W & Leiby, Paul N, 1998. "The outlook for US oil dependence," Energy Policy, Elsevier, vol. 26(1), pages 55-69, January.
    9. Venus khim-sen Liew & Arunnan Balasubramaniam, 2017. "Oil Price Shocks and Sectoral Outputs: Empirical Evidence from Malaysia," Economics Bulletin, AccessEcon, vol. 37(1), pages 38-47.
    10. Park, Chuhwan & Chung, Mo & Lee, Sukgyu, 2011. "The effects of oil price on regional economies with different production structures: A case study from Korea using a structural VAR model," Energy Policy, Elsevier, vol. 39(12), pages 8185-8195.
    11. repec:eco:journ2:2017-03-21 is not listed on IDEAS
    12. Benjamin L Hunt, 2005. "Oil Price Shocks; Can they Account for the Stagflation in the 1970's?," IMF Working Papers 05/215, International Monetary Fund.

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    JEL classification:

    • F0 - International Economics - - General

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