The price of oil and the macroeconomy | vox -
by Olivier Blanchard Marianna Riggi: "In the 1970s, large increases in the price of oil were associated with sharp decreases in output and large increases in inflation. In the 2000s, even larger increases in the price of oil were associated with much milder movements. This column attributes the difference in the US to more flexible labour markets and more credible monetary policy during the Great Moderation."read complete article : The price of oil and the macroeconomy | vox - Research-based policy analysis and commentary from leading economists
Labels: finance, middle east, united states, world
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