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Increases in oil prices have been held responsible for recessions, periods of excessive inflation, reduced productivity and lower economic growth. In this paper, we review the arguments supporting such views. First, we highlight some of the conceptual difficulties in assigning a central role to...
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Increases in oil prices have been held responsible for recessions, periods of excessive inflation, reduced productivity and lower economic growth. In this paper, we review the arguments supporting such views. First, we highlight some of the conceptual difficulties in assigning a central role to...
Persistent link: https://www.econbiz.de/10012467834
Persistent link: https://www.econbiz.de/10000993313
Persistent link: https://www.econbiz.de/10001806498
Persistent link: https://www.econbiz.de/10001828742
"Yes. We construct a measure of aggregate technology change, controlling for varying utilization of capital and labor, non-constant returns and imperfect competition, and aggregation effects. On impact, when technology improves, input use and non-residential investment fall sharply. Output...
Persistent link: https://www.econbiz.de/10002685143
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