Marion, Nancy Peregrim; Svensson, Lars E. O. - 2021
For oil importers, differences in economic performance after the 1973-74 oil price increase and after the 1979 …-80 increase can be attributed to a number of factors, including the fact that the 1973-74 oil price increase was unexpected … whereas the 1979-80 increase was largely expected. In this paper, we analyze how an economy's adjustment to expected oil price …