Pagano, Patrizio; Pisani, Massimiliano - 2009
Introduction
Although the dependency of global economic activity on crude oil has fallen
steadily over the last thirty years, the … consumption,
as emphasized by Finn (2000) in a study on the e�ect of energy price in-
creases on economic activity. Our �ndings … are endogenous with respect to macro-
economic variables.
8
ECB
Working Paper Series No 999
January 2009
We are not the …