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Resource prices, supply shocks and output fluctuations

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  • Roy Boyd
  • Tony Caporale

Abstract

Following King and Plosser's (1984) suggestion, we use the growth of four real natural resource prices to proxy post-war supply shocks and assess their importance in a VAR which controls for aggregate demand influences on real output. We find that these supply shock proxies are able to account for a sizable portion of US post-war output fluctuations.

Suggested Citation

  • Roy Boyd & Tony Caporale, 1995. "Resource prices, supply shocks and output fluctuations," Applied Economics Letters, Taylor & Francis Journals, vol. 2(6), pages 180-183.
    • Handle: RePEc:taf:apeclt:v:2:y:1995:i:6:p:180-183
    DOI: 10.1080/135048595357393
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    References listed on IDEAS

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    1. Jeffrey D. Sachs, 1979. "Wages, Profits, and Macroeconomic Adjustment: A Comparative Study," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 10(2), pages 269-332.
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