Oil Prices, Monetary Policy, and Counterfactual Experiments

Charles Carlstrom and Timothy Fuerst

Journal of Money, Credit and Banking, 2006, vol. 38, issue 7, 1945-1958

Abstract: Recessions are associated with both rising oil prices and increases in the federal funds rate. Are recessions caused by the spikes in oil prices or by the sharp tightening of monetary policy? This paper discusses the difficulties in disentangling these two effects.

Date: 2006
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Persistent link: https://EconPapers.repec.org/RePEc:mcb:jmoncb:v:38:y:2006:i:7:p:1945-1958

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