Can OPEC cause inflation and recession?

This paper addresses an issue that has been the subject of debate in the media and in academic circles. The issue concerns the effect of higher oil prices initiated by OPEC on economic activity in OECD countries. Results of cointegration tests indicate that there is no long-run relationship between...

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Bibliographic Details
Published inEnergy policy Vol. 21; no. 11; pp. 1145 - 1154
Main Author Moosa, Imad A
Format Journal Article
LanguageEnglish
Published Oxford Elsevier Ltd 01.11.1993
Elsevier
Elsevier Science Ltd
SeriesEnergy Policy
Subjects
Applied sciences
Crude oil prices
Economic activity
Economic data
Economic impact
Empirical
Energy
Energy economics
Energy policy
Exact sciences and technology
Fossil fuels and derived products
General, economic and professional studies
Inflation
Interest rates
Oil
Oil prices
OPEC
Petroleum
Price levels
Price regulations
Prices
Recession
Recessions
Statistical analysis
Studies
Oil prices
Recession
Inflation
OECD
Price
Interest rate
Inflation(economy)
OPEC
Oil economy
Economic indicator
Industrialized country
Petroleum
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Summary:This paper addresses an issue that has been the subject of debate in the media and in academic circles. The issue concerns the effect of higher oil prices initiated by OPEC on economic activity in OECD countries. Results of cointegration tests indicate that there is no 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.
Bibliography:ObjectType-Article-2
SourceType-Scholarly Journals-1
ObjectType-Feature-1
content type line 23
ISSN:0301-4215
1873-6777
DOI:10.1016/0301-4215(93)90264-G