Knut Anton Mork
NBER Working Papers and Publications
|August 2012||Comment on "Banks, Sovereign Debt and the International Transmission of Business Cycles"|
in NBER International Seminar on Macroeconomics 2012, Francesco Giavazzi and Kenneth D. West, organizers
|July 1979||Energy Prices, Inflation, and Recession, 1974-1975|
with Robert E. Hall: w0369
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.
Published: Mork, Knut Anton and Hall Robert E. "Energy Prices, Inflation, and Recession, 1974-1975." The Energy Journal, Vol. 1, Iss. 3 (1980), pp. 31-64. citation courtesy of