Oil Shocks: How Destabilizing are they?

Jyotirmoy Bhattacharya ()

MPRA Paper from University Library of Munich, Germany

Abstract: This note examines Prabhat Patnaik's argument that the contemporary international financial system crucially requires the stability of oil prices in terms of the dollar. By comparing the macroeconomic impact of recent oil shocks to those of the 1970s, it argues that sharp changes in the dollar price of oil need not necessarily lead to instability.

Keywords: oil price; inflation; recession; dollar (search for similar items in EconPapers)
JEL-codes: E31 E52 (search for similar items in EconPapers)
Date: 2008
New Economics Papers: this item is included in nep-cba, nep-ene and nep-mac
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:12116

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