Journal article
Oil prices and the US economy
Abstract
An empirical investigation of the effects of oil-price changes on the US economy is conducted, using Sim's (1980a) techniques based on unconstrained vector autoregressions. In a 7-variable system, estimated with monthly data for 1962 (May) to 1981 (June), we find the price of oil to be especially important in its impact on nominal wages. Lesser effects on industrial production and prices are also detected, the former only manifesting itself …
Authors
Burbidge J; Harrison A
Journal
Economics Letters, Vol. 10, No. 1-2, pp. 179–184
Publisher
Elsevier
Publication Date
1 1982
DOI
10.1016/0165-1765(82)90134-3
ISSN
0165-1765