Energy price shocks and medium-term business cycles

• 成果类型: Article
• 署名作者: Schwark, Florentine
• 署名单位: Swiss Federal Institutes of Technology Domain; ETH Zurich
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2014.02.003
• 发表日期: 2014
• 页码: 112-121
• 关键词: Oil price shock; Productivity slowdown; business cycle; endogenous growth

摘要

Energy price shocks pose sudden challenges to economies. This paper examines how oil price shocks have influenced the U.S. economy over the last decades and especially focuses on the productivity slowdown in the years following an oil price shock. We extend the existing literature by considering medium-term business cycles, which consist of high-frequency components (conventional business cycles, up to 8 years) and medium-frequency components (8-50 years). We find that the medium-frequency consequences of energy price shocks are considerable and explain a significant part of the productivity slowdown. (C) 2014 Elsevier B.V. All rights reserved.