Blanchard, Olivier; Riggi, Marianna - National Bureau of Economic Research (NBER) - 2009
In the 1970s, large increases in the price of oil were associated with sharp decreases in output and large increases in inflation. In the 2000s, and at least until the end of 2007, even larger increases in the price of oil were associated with much milder movements in output and inflation. Using...
