TY  - JOUR
AU  - Mork,Knut Anton
AU  - Hall,Robert E.
TI  - Energy Prices, Inflation, and Recession, 1974-1975
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 369
PY  - 1979
Y2  - July 1979
UR  - http://www.nber.org/papers/w0369
L1  - http://www.nber.org/papers/w0369.pdf
N1  - Author contact info:
Knut Anton Mork
Handelsbanken
Tjuvholmen allé, POB 1249 Vika
N-0101 Oslo
NORWAY
Tel: +47-9077-5756
Fax: +47-2239-7160
E-Mail: Knut.anton.mork@gmail.com

Robert E. Hall
Hoover Institution
Stanford University
Stanford, CA  94305-6010
Tel: 650/723-2215
E-Mail: rehall@gmail.com
AB  - The energy price shock depressed real output by two percent in 1974 and by five percent in 1975, according to our results. Prices rose by four percent in 1974 and by another two percent in 1975. These conclusions are derived from an aggregate model of the U.S. economy with an explicit role of energy in production. The distinction between expected and unexpected shocks is an important part of the model. We also examine monetary and fiscal policies that might have offset the energy shock.
ER  -