VOL. XLVI

No 39

29-September-2003

SUPPLY/DEMAND

Economist Says High Oil Prices Behind US Recessions

Historically high oil prices in 2000 were one of the factors that preempted the US economic slowdown and recession of 2001, according to James Hamilton of the University of California at San Diego. Interviewed in the August issue of IMF Survey, Mr Hamilton argued that nine of the 10 US economic recessions since 1947 have been preceded by a sharp increase in the oil price. The contention that there...