Working Paper
Oil prices, monetary policy, and counterfactual experiments
Abstract: Recessions are associated with both rising oil prices and increases in the federal funds rate. Are recessions caused by the spikes in oil prices or by the sharp tightening of monetary policy? This paper discusses the difficulties in disentangling these two effects.
Keywords: Petroleum products - Prices; Monetary policy; Business cycles;
https://doi.org/10.26509/frbc-wp-200510
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Bibliographic Information
Provider: Federal Reserve Bank of Cleveland
Part of Series: Working Papers (Old Series)
Publication Date: 2005
Number: 0510