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Energy prices and aggregate economic activity: an interpretive survey

Stephen Brown and Mine Yucel

No 102, Working Papers from Federal Reserve Bank of Dallas

Abstract: In this paper, we survey the theory and evidence linking fluctuations in energy prices to aggregate economic activity. We then briefly examine the implications of this research for both monetary policy and energy policy in response to oil price shocks. Research seems to provide relatively reliable guidance for monetary policy. Because the precise channels through which oil price shocks affect economic activity are only partially known, however, research offers less guidance about how energy policy should cope with oil price shocks.

Keywords: Energy policy; Monetary policy; Petroleum industry and trade (search for similar items in EconPapers)
Pages: 29 pages
Date: 2001
New Economics Papers: this item is included in nep-ene, nep-mic and nep-pke
Note: Published as: Brown, Stephen P.A. and Mine K. Yücel (2002), "Energy Prices and Aggregate Economic Activity: An Interpretative Survey," The Quarterly Review of Economics and Finance 42 (2): 198-208.
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