Aguiar-Conraria, Luís (contributor); Wen, Yi (contributor) - 2005
percent from its peak. A strong multiplier is clearly missing
in standard models.
Standard economic theory not only …. Standard theory
predicts an immediate, permanent drop in output after a permanent increase in oil prices, while
empirical … shocks is an important challenge for theory: �(...)
the greatest e�ects of an oil shock do not appear until three or four …