Oil Shocks

  • Ifo Institute for Economic Research
  • Sakura Institute of Research


The two oil shocks that occurred during the 1970s were triggered by an increase in crude oil prices resulting from the reduction of output by oil-producing nations. These sudden external shocks had a major economic impact on Japan, which was almost totally reliant on imported crude oil for its energy. Prices soared due to the increased cost of imported goods, and the economy inevitably sank into stagnation. The purpose of this chapter is to examine the effect of the two oil crises on the Japanese economy, to analyse the response of the government and industry, and also to consider whether or not that response was appropriate.


Monetary Policy Price Shock Specific Energy Consumption Primary Energy Consumption Japanese Economy 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.


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© Springer Japan 1997

Authors and Affiliations

  • Ifo Institute for Economic Research
  • Sakura Institute of Research

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