Middle East Economic Survey

VOL. XLVIII

No 49

5-December-2005

OIL PRICES

Oil Price Volatility: A Threat Despite Limited Economic Impact So Far, Says Rogoff

Oil price volatility is still a major threat to global economic growth despite the well-supported and widely-held view that the high prices seen over the last two years have only had a more limited negative impact than the price shocks of the 1970s and 1980s, according to Kenneth Rogoff, Professor of Economics at Harvard University. In his paper...