haku: @journal_id 481 / yhteensä: 607
viite: 10 / 607
| Tekijä: | Moosa, I. A. |
| Otsikko: | Can OPEC cause inflation and recession? |
| Lehti: | Energy Policy
1993 : NOV, VOL. 21:11, p. 1145-1154 |
| Asiasana: | OPEC OIL PRICES RECESSION INFLATION OECD |
| Kieli: | eng |
| Tiivistelmä: | No evidence was found to support the hypothesis that lower oil prices lead to lower interest rates. Some evidence was found suggesting that higher interest rates can lead to higher oil prices. This may be explained by the proposition that heavily indebted OPEC countries find themselves in deeper trouble when interest rates rise, forcing them to exert some pressure on other members of OPEC to raise the price of oil. Strong empirical evidence was presented on the hypothesis that higher (and lower) oil prices do affect the price level and output in OECD countries. However, no evidence was found for the existence of a long-run relationship between oil prices and macroeconomic variables in OECD countries. However, causality testing indicates the existence of unidirectional causality from oil prices to domestic prices and output. |
SCIMA