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Energy Prices, Inflation, and Recession, 1974-1975

  • Knut Anton Mork
  • Robert E. Hall

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.

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Article provided by International Association for Energy Economics in its journal The Energy Journal.

Volume (Year): Volume 1 (1980)
Issue (Month): Number 3 ()
Pages: 31-64

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Handle: RePEc:aen:journl:1980v01-03-a02
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  1. 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.
  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 845-57, 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 208-17, May.
  4. Robert E. Hall & David M. Lilien, 1978. "Efficient Wage Bargains Under Uncertain Supply and Demand," NBER Working Papers 0306, National Bureau of Economic Research, Inc.
  5. 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.
  6. 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 S71-85, April.
  7. 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.
  8. 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.
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