In the absence of a major disruption in spending by consumers and firms, the effects of energy price shocks on the … discretionary income, (2) shifts in precautionary savings, and (3) changes in the operating cost of energy-using durables. We also …, aggregate unemployment, or consumer expectations. The absence of such an effect, despite a comparatively large effect of energy …

Large fluctuations in energy prices have been a distinguishing characteristic of the U.S. economy since the 1970s …. Turmoil in the Middle East, rising energy prices in the U.S. and evidence of global warming recently have reignited interest … in the link between energy prices and economic performance. This paper addresses a number of the key issues in this …

-time forecasts of the real and the nominal price of oil in a format consistent with that employed by the U.S. Energy Information …

reexamine the welfare gains from global monetary policy coordination in a world with trade in oil. …