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« Two Books | Main | The Decline in US Imports » April 25, 2009 Oil shocks and recessions Here I provide some more background on the relation between oil price increases and economic recessions. When I first began working on my Ph.D. dissertation in 1980, I was intrigued by the fact that the oil embargo of 1973-74 and the collapse in Iranian oil production after the revolution in 1978 were both followed by global recessions. But when I called attention to the fact there had been a sharp increase in the price of oil prior to 6 of the 7 postwar U.S. recessions up to that point, the general response was one of skepticism.
« Causes of the Oil Shock of 2007-08 | Main | GDP Snapshot: First Read on 2009Q1 » April 02, 2009 Consequences of the Oil Shock of 2007-08 In a follow-up on my earlier post , I'd now like to discuss the second part of my paper, Causes and Consequences of the Oil Shock of 2007-08 , which I presented today at a conference at the Brookings Institution .