The Effects of Oil Price Changes on the Industry-Level Production and Prices in the U.S. and Japan
---- Acknowledgements ----
This paper was prepared for the 20th Annual East Asia Seminar on Economics, Hong Kong, June 26--27, 2009. We are grateful to our discussants, Francis Lui and Warwick McKibbin, the organizers, Takatoshi Ito and Andrew Rose, and other participants for helpful comments and discussions. We would also like to thank seminar participants at the Institute for Monetary and Economic Studies, Bank of Japan. Views expressed in this paper are those of the authors and do not necessarily reflect those of the Bank of Japan or the National Bureau of Economic Research.