Macroeconomic Effects of Oil Price Shocks

Part of the Natural Resource Management and Policy book series (NRMP, volume 32)


After reaching a 25-year low in February 1999, oil prices have sharply been rising over the next more than a half decade. Recently, the international price of oil has breached the US$150 mark. Given the macroeconomic developments that followed the oil shocks of the 1970s, the substantial rise in oil prices since 1999 has generated concerns about the prospects for growth and inflation and raised related questions about the appropriate way for monetary and energy policies to respond.


Gross Domestic Product Monetary Policy Industrial Growth Real Effective Exchange Rate Real Economic Activity 
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Copyright information

© Springer Science+Business Media, LLC 2009

Authors and Affiliations

  1. 1.TERI UniversityIHC ComplexIndia
  2. 2.Yokohama National UniversityYokohamaJapan

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