Energy prices and aggregate economic activity: an interpretative survey |
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| Affiliation: | 1. Department of Economics, School of Business, Deakin University, Geelong, Australia;2. Department of Banking and Financial Management, University of Piraeus, Piraeus, Greece;1. EconomiX-CNRS, University of Paris Ouest, France;2. EconomiX-CNRS, University of Paris Ouest, 200 avenue de la République, 92001 Nanterre Cedex, France;3. LEAD, University of Toulon Sud, France;4. CEPII, Paris, France;1. School of Management, Beijing Normal University Zhuhai, Zhuhai, China;2. Department of Finance, National Sun Yat-sen University, Kaohsiung, Taiwan |
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| Abstract: | ![]()
In this article, we survey the theory and evidence linking fluctuations in energy prices to those in aggregate economic activity. We then examine the implications of this research for both monetary policy and energy policy in response to oil price shocks. The currently available research seems to provide relatively reliable guidance for monetary policy. Because the precise channels through which oil price shocks affect economic activity are only partially known, however, research offers less guidance about how countries should design energy policy should cope with oil price shocks. |
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