THE FIRST TWO OIL SHOCKS: POLICY RESPONSE AND EFFECTIVENESS

Barry B. Hughes

Review of Policy Research, 1986, vol. 5, issue 4, 722-741

Abstract: A simultaneous, comparative review of the attempts by different countries and country groupings to react to the economic problems caused by the two oil shocks. of the 1970s can help us evaluate the relative success of those efforts. In general, the world has yet to recover from those shocks, with various combinations of slow growth, high unemployment, high inflation rates, and substantial governmental andlor international debt still facing countries everywhere. It appears that different combinations of traditional fiscal and monetary policy largely shifted the temporal impact of the shocks or altered the trade‐offs among problem categories. It also appears that energy policy may be a more powerful tool with which to approach the possibility of future shocks than any combination of economic policies.

Date: 1986
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