Cavallo, Michele; Wu, Tao - Federal Reserve Bank of San Francisco - 2006
by many as the result of ‘an expanding
world economy driven by gains in productivity’ (Wall Street Journal, August 11 …, we isolate those that are arguably exogenous to the state of the oil market and
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to other developments in the world … economy. Overall, we were able to identify 25 dates in
which the price of oil moved substantially in response to exogenous …