Balke, Nathan S.; Brown, Stephen P.A.; Yucel, Mine K. - In: The Energy Journal Volume23 (2002) Number 3, pp. 27-52
Rising oil prices appear to retard aggregate U.S. economic activity by more than falling oil prices stimulate it. Past research suggests adjustment costs, financial stress, and/or monetary policy may be possible explanations for the asymmetric response. This paper uses a near vector...