Dallas Fed: Oil shocks driven by supply and demand factors
A Dallas Federal Reserve paper, published on 21 July, links the inverse relationship between oil prices and economic growth in the United States in the last decade to a change in the dynamics of oil markets over the period.
Nathan Balke, Stephen Brown and Mine Yücel, the paper's authors, argue that economic history has provided seemingly contradictory evidence about the relationship between oil price movements and aggregate US economic activity. Oil prices rose sharply in the 1970s and early
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