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 …

During the first quarter of 2002, the price of crude oil averaged $19.67 per barrel. Four years
later, in the first quarter of 2006, the average price of oil had risen to $63 per barrel. Indeed …

The relationship between the price of oil and the level of economic activity is a fundamental
empirical issue in macroeconomics. Hamilton (1983) showed that oil prices had significant …

The relationship between oil price shocks and US macroeconomic fluctuations advocated by
Hamilton (1983) broke down in the 1980s amidst a new regime of highly volatile oil price …

This paper examines the impact of oil price shocks and attempts to explain why the rise in oil
prices up to 2008 had little impact on the world economy. It makes three main arguments …

Research on oil markets conducted during the last decade has challenged long-held beliefs
about the causes and consequences of oil price shocks. As the empirical and theoretical …

This paper surveys the literature on the relationship between oil prices and the
macroeconomy in order to explain why high oil prices over the past three years do not …

Although average world crude oil prices have risen more than $30 per barrel since the end
of 2001, the US economy has remained strong, growing at about 3.5% annually over this …

Oil prices have risen sharply over the last year, leading to concerns that we could see a
repeat of the 1970s, when rising oil prices were accompanied by severe recessions and …

Recent theoretical work suggests that oil price shocks may have an adverse impact on the
macroeconomy, not only because they increase the level of oil prices, but also because they …