Middle East Economic Survey
VOL. XLVII
No 35
30-August-2004
Economists Challenge Causal Link Between Oil Shocks And Recessions
The widely-held belief in a causal link between oil price shocks and economic recessions has been challenged by economists Robert Barsky and Lutz Kilian in a paper entitledOil and the Macroeconomy Since the 1970s published by the Centre for Economic Policy Research. (The full paper is available atwww.cepr.org/pubs/dps/DP4496.asp). The perception that oil price spikes have...
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