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Oil shocks and the macro-economy: a comparison across high oil price periods

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  • Rebeca Jimenez-Rodriguez
  • Marcelo Sanchez

Abstract

Oil prices are found to exert nonlinear effects on major advanced economies. Real output's reaction is much more visible during the periods of high oil prices of the mid-1970s and early 1980s. Oil prices have had inflationary consequences in several economies not only in those two periods, but also during the spike of 1990. There is also evidence that inflation has picked up in some economies as a result of the oil price hikes of 1999-2000, and even more recently in the case of the US.

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  • Rebeca Jimenez-Rodriguez & Marcelo Sanchez, 2009. "Oil shocks and the macro-economy: a comparison across high oil price periods," Applied Economics Letters, Taylor & Francis Journals, vol. 16(16), pages 1633-1638.
    • Handle: RePEc:taf:apeclt:v:16:y:2009:i:16:p:1633-1638
    DOI: 10.1080/13504850701604086
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    References listed on IDEAS

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    Cited by:

    1. Rebeca Jiménez-Rodríguez, 2015. "Oil price shocks and stock markets: testing for non-linearity," Empirical Economics, Springer, vol. 48(3), pages 1079-1102, May.
    2. Ana Gómez-Loscos & Mar𨀠 Dolores Gadea & Antonio Montañ鳠, 2012. "Economic growth, inflation and oil shocks: are the 1970s coming back?," Applied Economics, Taylor & Francis Journals, vol. 44(35), pages 4575-4589, December.
    3. Dhaoui, Abderrazak & Khraief, Naceur, 2014. "Empirical linkage between oil price and stock market returns and volatility: Evidence from international developed markets," Economics Discussion Papers 2014-12, Kiel Institute for the World Economy (IfW Kiel).

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