Resource prices, supply shocks and output fluctuations

Roy Boyd and Tony Caporale

Applied Economics Letters, 1995, vol. 2, issue 6, 180-183

Abstract: Following King and Plosser's (1984) suggestion, we use the growth of four real natural resource prices to proxy post-war supply shocks and assess their importance in a VAR which controls for aggregate demand influences on real output. We find that these supply shock proxies are able to account for a sizable portion of US post-war output fluctuations.

Date: 1995
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DOI: 10.1080/135048595357393

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