The Houston economy went from boom to bust to recovery during the 1980s. Expectations of oil prices at $50 per barrel and higher in the late 70s and early 80s stimulated hundreds of oil-related projects in the area. An oil-price decline, however, led the Houston economy into a sharp recession...

Considerable research finds oil price shocks have had major effects on U.S. output and inflation. Several recent studies argue that the response of monetary policy-rather than the oil price shocks themselves-caused the fluctuations in economic activity. Stephen Brown and Mine Yucel show that an...

Low oil prices and rising oil imports have caused growing concern about U.S. vulnerability to oil-supply shocks. Mine K. Yucel and Carol Dahl devise a measure of vulnerability and use it to compare three policies that have been proposed to reduce U.S. vulnerability to oil-supply disruptions: a...