Energy Prices, Inflation, and Recession, 1974-1975 / Knut Anton Mork, Robert E. Hall.

Format:

Book

Author/Creator:

Mork, Knut Anton.

Contributor:

National Bureau of Economic Research.

Hall, Robert E.

Series:

Working Paper Series (National Bureau of Economic Research) no. w0369.

NBER working paper series no. w0369

Language:

English

Subjects (All):

Energy consumption--United States.

Energy consumption.

Energy policy--United States.

Energy policy.

Physical Description:

1 online resource: illustrations (black and white);

Place of Publication:

Cambridge, Mass. National Bureau of Economic Research 1979.

Cambridge, Massachusetts : National Bureau of Economic Research, 1979.

Summary:

The energy price shock depressed real output by two percent in 1974 and by five percent in 1975, according to our results. Prices rose by four percent in 1974 and by another two percent in 1975. These conclusions are derived from an aggregate model of the U.S. economy with an explicit role of energy in production. The distinction between expected and unexpected shocks is an important part of the model. We also examine monetary and fiscal policies that might have offset the energy shock.

Notes:

Print version record

July 1979.