The rapid escalations of energy prices, in late 1973 and early 1974 and again in mid- and late-1979, have had major adverse impactson the U.S. economy. The energy price shock of 1973-1974 played a dominant role, by most accounts, in bringing about the deep recession and high inflation of the...

The energy price shock depressed real output by two percent in 1974 and by five percent in 1975, according to our results. Prices rose by four percent in 1974 and by another two percent in 1975. These conclusions are derived from an aggregate model of the U.S. economy with an explicit role of...

The energy price shock depressed real output by two percent in 1974 and by five percent in 1975, according to our results. Prices rose by four percent in 1974 and by another two percent in 1975. These conclusions are derived from an aggregate model of the U.S. economy with an explicit role of...

The energy price shock depressed real output by two percent in 1974 and by five percent in 1975, according to our results. Prices rose by four percent in 1974 and by another two percent in 1975. These conclusions are derived from an aggregate model of the U.S. economy with an explicit role of...