Oil, Automobiles, and the U.S. Economy: How Much have Things Really Changed?
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The views expressed here are those of the authors and not those of the Board of Governors, or the Federal Reserve System, or the National Bureau of Economic Research. Sam Ackerman provided excellent research assistance. We are grateful for comments from Daron Acemoglu, Jordi Galí, George Hall, James Hamilton, Chris Kurz, Ariel Pakes, and Garey Ramey, and we thank William Lee for sending us his papers. We also thank participants at the 2008 International Society for Inventory Research session, the NBER Twenty-fifth Annual Conference on Macroeconomics, and seminar participants at Statistics Canada and UC San Diego. Valerie Ramey gratefully acknowledges financial support from National Science Foundation grant SES-0617219 through the NBER.