The Macroeconomic Effects of Oil Shocks: Why are the 2000s So Different from the 1970s?

Olivier J. Blanchard, Jordi Gali

NBER Working Paper No. 13368
Issued in September 2007

---- Acknowledgements -----

We are grateful for helpful comments and suggestions to Julio Rotemberg, John Parsons, Lutz Kilian, José de Gregorio, Gauti Eggertson and participants at NBER ME Meeting, the NBER Conference on "International Dimensions of Monetary Policy'', and seminars at CREI-UPF. We thank Davide Debortoli for excellent research assistance, and the NSF and the Banque de France Foundation for financial assistance. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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