oil and the macroeconomy

James D. Hamilton
From The New Palgrave Dictionary of Economics, Second Edition, 2008
Edited by Steven N. Durlauf and Lawrence E. Blume
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Abstract

Oil price shocks are often followed by economic downturns. Both theory and evidence are consistent with the interpretation that this effect results from the disruption of the pattern of spending by consumers and firms on items whose utilization is sensitive to energy prices and supplies.
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How to cite this article

Hamilton, James D. "oil and the macroeconomy." The New Palgrave Dictionary of Economics. Second Edition. Eds. Steven N. Durlauf and Lawrence E. Blume. Palgrave Macmillan, 2008. The New Palgrave Dictionary of Economics Online. Palgrave Macmillan. 19 September 2014 <http://www.dictionaryofeconomics.com/article?id=pde2008_E000233> doi:10.1057/9780230226203.1215

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