NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

The Macroeconomic Effects of Oil Price Shocks: Why are the 2000s so different from the 1970s?

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Olivier J. Blanchard, Jordi Galí

Chapter in forthcoming NBER book International Dimensions of Monetary Policy , Jordi Gali and Mark J. Gertler, editors *
Presented in June 2007

Commentary on this chapter: Comment, Julio J. Rotemberg

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This paper was revised on June 11, 2008

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