The Macroeconomic Effects of Oil Shocks: Why are the 2000s So Different from the 1970s?

We characterize the macroeconomic performance of a set of industrialized economies in the aftermath of the oil price shocks of the 1970s and of the last decade, focusing on the differences across episodes. We examine four different hypotheses for the mild effects on inflation and economic activity

我们刻画了20世纪70年代及过去十年油价冲击后一组工业化经济体的宏观经济表现，重点关注各时期之间的差异。我们考察了关于其对通胀与经济活动温和影响的四种不同假说。