Oil Prices, Monetary Policy, and Counterfactual Experiments
- 1 January 2006
- journal article
- Published by Project MUSE in Journal of Money, Credit and Banking
- Vol. 38 (7) , 1945-1958
- https://doi.org/10.1353/mcb.2006.0090
Abstract
Recessions are associated with both rising oil prices and increases in the federal funds rate. Are recessions caused by the spikes in oil prices or by the sharp tightening of monetary policy? This paper discusses the difficulties in disentangling these two effects.Keywords
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