Wednesday, April 08, 2009

Causes and Consequences of the Oil Shock

Prof James Hamilton argues for the oil shock (ie Peak Oil) being the cause of the present recession - here and here: "had there been no increase in oil prices between 2007:Q3 and 2008:Q2, the U.S. economy would not have been in a recession over the period 2007:Q4 through 2008:Q3."

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