Why do oil price shocks no longer shock?
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 appear to have led to a slow-down the world economy. It makes three arguments. First, that oil prices have never been as important as...
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| Format: | Working paper |
| Language: | English |
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Oxford Institute for Energy Studies
2007
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