World Oil Prices and Economic Growth In the 1980s

Henry D. Jacoby and James L. Paddock

The Energy Journal, 1983, vol. Volume 4, issue Number 2, 31-48

Abstract: The world oil market is a forecaster's nightmare: seldom have so many knowledgeable observers been so wrong so often. Prior to 1973, few foresaw the magnitude of the price jump that was possible under disrupted conditions, or predicted the years of relative stability that followed. The Iranian revolution brought a similar surprise. On the other hand, in the fall of 1980 came the Iran-Iraq war; again a major price shock seemed at hand. Experts are still arguing about why it did not occur.

JEL-codes: F0 (search for similar items in EconPapers)
Date: 1983
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