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The anatomy of an oil price shock

Author

Listed:
  • Eric Fisher
  • Kathryn G. Marshall

Abstract

Oil price shocks do not cause inflation, no matter how close the connection seems to be in our practical experience. But they can cause significant price increases throughout the economy. Tracing the way a sharp increase in the price of crude oil affects prices in various industrial sectors of the U.S. economy suggests how big these increases are. Fortunately, our economy seems better prepared now to weather such shocks than in the 1970s and 1980s.

Suggested Citation

  • Eric Fisher & Kathryn G. Marshall, 2006. "The anatomy of an oil price shock," Economic Commentary, Federal Reserve Bank of Cleveland, issue Nov.
    • Handle: RePEc:fip:fedcec:y:2006:i:nov
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    Cited by:

    1. Silke Tober & Tobias Zimmermann, 2009. "Monetary policy and commodity price shocks," Intereconomics: Review of European Economic Policy, Springer;ZBW - Leibniz Information Centre for Economics;Centre for European Policy Studies (CEPS), vol. 44(4), pages 231-237, July.

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